Update: May 14, 2022 2:24 p.m. STI
beijing [China]May 14 (ANI): Chinese social media is buzzing with speculation that President Xi Jinping may resign from office following the mismanagement of strict Covid-19 lockdowns accompanied by the economic crisis in the country.
The growing rumors of Xi Jinping’s resignation began after a meeting of the party’s Politburo Standing Committee, which is the collective leadership group that rules China. Additionally, a video made by a Canada-based blogger was making the rounds on social media before China censored it.
According to the blogger, until a big party meeting is held in the latter part of the year, Xi Jinping would be forced to withdraw from the Chinese Communist Party. Current Premier Li Keqiang will take over on behalf of Jinping to take over the day-to-day running of the party and government.
To curb the spread of the Covid 19 virus, the Chinese president has ordered to “resolutely fight” those who try to question the strict zero-Covid policy. However, extensive shutdowns have hampered businesses across the country. According to a senior Chinese official, “the pandemic is a ‘stumbling block’ for economic and social development”.
At a separate press conference, Han Wenxiu, deputy director of the office of the Communist Party of China Central Committee for Financial and Economic Affairs, said the pandemic should be contained with scientific precision, stabilizing the economy and ensuring the security of the country’s development, instead of targeting only one aspect.
Strict Covid restrictions have also brought industrial production to a halt, causing supply chains to be disrupted for the first time. Manufacturing activity has been on a steady decline, reaching its lowest level since February 2020.
Moreover, as Shanghai’s lockdown period drags on, analysts from various investment banks have also lowered their forecasts for the country’s economic growth rate. In April, China’s yuan currency fell more than 4%, the biggest monthly drop in 28 years.
Moreover, stock markets have also been severely affected, which is likely to impact the global recovery, as the intensive shutdowns will impact business sales in China and also affect the supply chain.
Reportedly, all of these reasons have caused widespread discontent in China, as the Chinese people have lost confidence in Jinping’s governance due to the harsh conditions and sloppy management under his rule. (ANI)