As expected, Xi Jinping, 69, was unanimously re-elected as China’s president on Friday for an unprecedented third consecutive five-year term in a vote in the Chinese parliament.

In October, Xi Jinping had already secured a five-year extension of his leadership of the Chinese Communist Party and the military commission, two of the most important posts in the Asian giant.

For many observers, this event confirms that Mr. Xi is the most powerful Chinese leader since Mao Zedong.

Parliament also approved the largest reorganization of the state apparatus in decades, which includes cutting 5% of jobs and an emphasis on technology and Chinese “leadership” in this area.

This is the most important reorganization of the state apparatus since 1998.

In addition, a decision was made to establish a new financial oversight committee, with powers hitherto held by the central bank, to better coordinate oversight of financial and insurance institutions, innovative forms of financing, and consumer protection.

From China’s perspective, the US and the West are trying to block the growth of the world’s second largest economy through containment, encirclement and “repression,” Mr. Xi said earlier this week.

Source: RES-IPE