Rising rumors of Xi Jinping’s resignation began after a meeting of the party’s Politburo Standing Committee, the joint leadership group that governs China. Also, a video made by a Canadian-based blogger was circulating on social media before China censored it.
According to the blogger, Xi Jinping will be forced to leave the Chinese Communist Party until a major party meeting is held later this year. Current
Li Keqiang will take over the day-to-day management of the party and government on behalf of Jinping.
To prevent the spread of the Covid 19 virus, the Chinese president has instructed those seeking to question the strict zero-covid policy to “fight vigorously.” However, widespread lockdowns have disrupted business across the country. According to a senior Chinese official, “the epidemic is a ‘location’ for economic and social development.”
At another news conference, Han Wenxiu, deputy director of the office of the CPC Central Committee for Finance and Economic Affairs, said that the epidemic should be controlled with scientific precision, rather than stabilizing the economy and securing the country’s development. Target only one direction.
Strict Covid restrictions have also halted industrial production, disrupting the supply chain for the first time. Manufacturing activity has witnessed a steady decline, reaching its lowest level since February 2020.
Furthermore, as the period of lockdown in Shanghai continues, analysts of various investment banks have also lowered their forecasts for the country’s economic growth rate. In April, China’s yuan depreciated more than 4 percent, the biggest monthly fall in 28 years.
Moreover, stock markets have also been severely affected which could affect the global recovery as intensive lockdowns will affect the sales of companies in China and also affect the supply chain.
All of these factors have caused widespread dissatisfaction in China as the Chinese people have lost confidence in Jinping’s regime because of the difficult situation and the dirty management under his rule, the report said.