consolidate power and then wield it aggressively and independently.
He’s destroyed political opposition within his own party by locking up
Bo Xilai and Zhou Yongkang, once rumored to be against his ascension,
for the rest of their lives. Xi’s much-touted anti-corruption drive
has been a vehicle to practically wipe out their supporters, and his
opposition, from the Communist Party altogether.
He created a new National Security Commission, which he heads, then
passed a wide-ranging national security law that has been called
“neo-totalitarian” for the authority it gives the government over
everything from culture to space to the internet.
Under Xi, the party banned everything from adultery to puns, while
silencing and sometimes locking up popular commentators. He’s said to
make far-reaching policy decisions practically on his own.
But… the stock markets. Despite government attempts to prop them up in
the form of urging investors to stay in the markets, loosening
monetary controls, stock buying by state-owned banks and oil
companies, and various other measures, they are just not falling in
line.
The Shanghai Composite Index was down over 5% in early trading in
China on Friday, and below the benchmark 3700 level. If China’s
markets close down today, it will be the third day in a row, worsening
an already painful bear market that is sure to take a toll on an
already-slowing Chinese economy.
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