Banking & Capital Markets
December 17, 2012
Xi Follows in Deng's Steps in China
China's incoming leader Xi Jinping emphasizes reform during his first public speech, before local leaders in Shenzhen.
By Allen T. Cheng
Until last week Chinas incoming leader Xi Jinping hadnt revealed much about his policies or what he stood for. But Xi, who was selected by Chinas Communist Party as general secretary in November and is set to succeed President Hu Jintao in March, made his priorities abundantly clear when he spoke in public for the first time during his inaugural trip as head of the ruling party. His speeches before local leaders in Shenzhen, Chinas first special economic zone, took place during his first stop on a five-day visit to four cities in Guangdong province that ended on Saturday. The visit retraced former paramount leader Deng Xiaopings trip to the South in 1992, which Deng used as a political pulpit from which to accelerate market reforms that led to 20 years of double-digit growth.
There will be no stop in reform, no stop in opening up, Chinas official Xinhua News Agency quoted Xi as saying in his many speeches to local leaders. Xinhua says Xi had reiterated during the trip that reform and opening up was a great awakening in the partys history. Xis trip comes amidst deep concerns among the public that powerful and entrenched vested interests particularly state-owned conglomerates and self-enriching bureaucrats had highjacked Chinas economic reforms.....