© Reuters. A screen displays a CCTV state media news broadcast showing Chinese President Xi Jinping addressing world leaders at the G20 meeting in Rome via video link at a shopping mall in Beijing, China, October 31, 2021. REUTERS/Thomas Peter
By Yew Lun Tian and Gabriel Crossley
BEIJING (Reuters) – Chinese President Xi Jinping is expected to push through an historical resolution at a key Communist Party gathering next week, cementing his authority and legacy and strengthening his case for a precedent-breaking third term starting next year.
A resolution on the “important achievements and historical experiences of the party’s 100 years of struggle” will be discussed and almost certainly ratified by the ruling Communist Party’s 300-plus member Central Committee when it meets Nov 8-11 for the sixth and penultimate plenum of its five-year term.
“This resolution is a further move by Xi to consolidate power and lay the groundwork for a third term,” said Yang Chaohui, who lectures on political science at Peking University.
The so-called “historical resolution”, the text of which has not been released, will be only the third, with the previous two put forth during the tenures of Mao Zedong and Deng Xiaoping.
While Mao and Deng used such resolutions for the party to reflect on past missteps and criticise members who had taken the wrong path, analysts expect this one to extol the successes of Xi’s era, building consensus that his is the right path forward for the party and the country.
It will be all about “praise and self-praise”, Deng Yuwen, a former editor of the Communist Party school newspaper who became a party critic and is now based in the United States, wrote on Yibao, a website dedicated to advancing democracy in China.
Xi has established himself as the most powerful Chinese leader since Mao, doing away with the two-term limit, and is widely expected to be confirmed for a third five-year term next fall when the Central Committee convenes for the 20th Party Congress and elects a new leadership team.
As a prelude to the resolution, the party’s propaganda department issued a document in August detailing the party’s “historical missions and contributions” in the century since its founding, heavily focused on the governance practices of Xi’s tenure.
The Communist Party’s publicity department did not immediately respond to a request for comment.
“The purpose of the resolution is to cement Xi’s new approach – and close the door on Deng’s reform era,” said Trey McArver, a partner at Beijing-based consultant firm Trivium.
“This means doubling down on China’s one-party political system, rejiggering the economy to a more high-quality and inclusive growth model, and being more assertive in global affairs,” he added.
The first “historical resolution” was passed in 1945 – four years before the People’s Republic’s founding – and was used by Mao to condemn rivals with dissenting views, setting the stage for him to become paramount leader.
The second, in 1981 under Deng, closed the chapter on the turbulent Cultural Revolution, adjudged Mao’s leadership to have been “70 percent right and 30 percent wrong”, made capitalism ideologically acceptable, and laid the groundwork for “reform and opening up”.
Since then, China has been transformed, becoming far more globally integrated and assertive, wealthier, and unequal.
The party’s governance style has also shifted.
Deng and his next two successors believed the party must give the government, economy and society space to grow organically. Xi famously said in 2017: “east, west, south, north, centre – the party leads all”.
“While every leader from Mao has always upheld the one-party rule, their notions of how best to govern had been very different,” said Yang.
“Although the upcoming resolution is in name about the success of the party over the past 100 years, it will ultimately conclude that the current way, Xi’s way, is the right way”.
Oil Prices Fall amid Protests in China
Oil prices fell on Monday amid a general decline in investor appetite for risk amid information about the ongoing protests in China against vested restrictions.
The cost of January futures on Brent crude oil on London’s ICE Futures exchange was $81.31 per barrel on Monday, down $2.32 (2.77%) from the close of the previous session. At the close of trading on Friday, those contracts fell $1.71 per barrel to $83.63.
Oil prices decline – what’s going on in the market?
The price of WTI futures for January crude fell by $2.31 (3.03%) to $73.97 per barrel in electronic trading on the New York Mercantile Exchange (NYMEX). By closing of previous trades, the cost of these contracts decreased by $1.66 (2.1%) to $76.28 per barrel. Brent and WTI gained 4.6% and 4.8%, respectively, last week.
According to Bloomberg, protests were held in cities across the country, including the capital Beijing, as well as Shanghai, Xinjiang, and Wuhan, which was originally the epicenter of the COVID-19 spread.
That contributes to a stronger U.S. dollar, which reduces the attractiveness of investments in crude, and also raises the possibility of even more significant tightening of restrictions by Chinese authorities, the agency said.
“The outlook for the oil market remains unfavorable and the events of this weekend in China do not add to the positive,” notes Warren Patterson, who is in charge of commodities strategy at ING Groep NV in Singapore.
According to the forecast of analytical company Kpler, oil demand in China in the fourth quarter will decrease to 15.11 million barrels per day (bpd) compared to 15.82 million bpd a year earlier.
Earlier we reported that Russia will ban the sale of its oil to countries that have imposed a price ceiling.
Oil Russia ban news: Russia will ban the sale of its oil to countries that have imposed a price ceiling
Will Russia sell oil to Europe? The administration of President Vladimir Putin is preparing an order prohibiting Russian companies and any trader from buying Russian oil to sell raw materials to countries and companies that have imposed a price ceiling on Moscow. Bloomberg news agency wrote this, citing a report from sources.
“The Kremlin is preparing a presidential decree banning Russian companies and any traders buying national oil from selling it to anyone who participates in the price ceiling,” the publication wrote.
According to the newspaper’s interlocutors, this would prohibit any mention of the price ceiling in contracts for Russian crude, as well as transferring it to countries that have joined the price ceiling for the natural resource.
In the first half of September, the press service of the US Treasury Department said that the USA, together with its allies from G7 (Great Britain, Germany, Italy, Canada, France and Japan) and the European Union (EU) would impose a ban on marine transportation of Russian oil on December 5 and oil products – on February 5.
Earlier we reported that EU negotiations on limiting the prices of Russian oil reached a deadlock today.
EU talks on restrictions on Russian crude oil prices today stalled
Negotiations between the European Union countries about the “ceiling” of Russian crude oil prices today reached an impasse; Bloomberg reported, according to its sources.
Representatives of the bloc cannot reach an agreement on the ceiling price of Russian oil. According to the agency, the proposed European Commission limit of $65-70 per barrel, Poland and the Baltic countries believe “too generous,” while Greece and Malta, which is actively engaged in transporting fuel, do not want the limit to fall below $ 70. Recall that the Russian response to the oil price cap was negative. The Russian government has officially said that it will only sell oil at market prices.
“We are looking for ways to make this solution work and we are trying to find a common ground to implement it in a perfectly pragmatic and efficient way, while avoiding that it may cause excessive inconvenience to the European Union,” said German Chancellor Olaf Scholz.
Earlier, we reported that the SEC fined Goldman Sachs $4 million for non-compliance with ESG fund principles.
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