Will Chinese President Xi Jinping resign?
The cowardly management of Chinese President Xi Jinping has drawn widespread criticism across the world. As a result, speculation about Xi Jinping stepping down from the presidency has also taken hold on social media. Rumors are doing the rounds on Chinese social media these days that President Xi Jinping may resign due to the economic slowdown in the country due to the mismanagement of the strict COVID-19 lockdown.
Rumors of Xi Jinping’s resignation started after a meeting of the party’s Politburo Standing Committee. Furthermore, a video made by a Canadian blogger was going viral on social media before it was censored by China. According to the blogger, current Prime Minister Xi Jinping will handle the day-to-day affairs of the party and the government. The President of China issued a strict order to stop the spread of the Kovid 19 virus. The lockdown has taken a toll on businesses across the country. According to a senior Chinese official, “the epidemic is very harmful for economic and social development.”
In another press conference, Han Wenxiu, deputy director of the Office of the CPC Central Committee for Finance and Economic Affairs, said the epidemic should be controlled with scientific accuracy rather than stabilizing the economy and securing the country’s development. Strict COVID restrictions have also disrupted industrial production resulting in supply disruptions.
Manufacturing activity continued to decline, hitting its lowest level since February 2020. Moreover, as the lockdown continues in Shanghai, analysts at various investment banks have also lowered their estimates of the country’s economic growth. In April, China’s yuan fell more than 4 percent, its biggest monthly decline in 28 years.