China’s graft-fighting Xi tells party future is on the line; the Chinese leader peppered his latest speech with references to aphorisms from virtuous officials and philosophers such as Mencius and Zhuge Liang

China’s graft-fighting Xi tells party future is on the line

Xi, who will take over the reins of state power from outgoing President Hu Jintao this month, has made fighting pervasive graft a central theme since assuming the top job. -Reuters

Sun, Mar 03, 2013
Reuters

BEIJING – China’s ruling Communist Party will only be able to mark its 100th birthday in eight years time if officials can learn from the selfless sages of the past, party chief Xi Jinping said in remarks published on Sunday, taking another swipe at corruption.

Xi, who will take over the reins of state power from outgoing President Hu Jintao at this month’s annual full session of parliament, has made fighting pervasive graft a central theme since assuming the top job in the party and military in November.

The Communist Party marks the 100th anniversary of its founding in 2021, one year before the second of Xi’s two five-year term ends and he steps down as party chief.

“Only if the capabilities of all party members unceasingly continue to strengthen, can the goal of ‘two 100 years’ and ‘the dream’ of the great rejuvenation of the Chinese people be realised,” Xi said in a speech marking the 80th anniversary of the Central Party School, which trains rising officials.

“Two 100 years” refers to both the party and the People’s Republic of China lasting at least a century each.

The People’s Republic turns 100 in 2049. The Communists swept to power and founded the republic in 1949 after winning a civil war and forcing Chiang Kai-shek’s Kuomintang, or Nationalist, troops to flee to Taiwan, which Beijing still claims as its own.

The concept of “two 100 years” has been alluded to in state media over the past few weeks, but this is the first time Xi explicitly mentioned it in his speech on Friday, which was carried in whole by the People’s Daily, the party mouthpiece.

Xi has warned in the past that corruption threatens the party’s very survival and launched a campaign to prevent waste and graft. He also banned the 2.3 million-strong People’s Liberation Army from binge drinking and told it to be combat- ready.

The Chinese leader peppered his latest speech with references to aphorisms from virtuous officials and philosophers from ancient China, including Confucian philosopher Mencius (372 to 289 BC) and Zhuge Liang (181 to 234 AD), a statesman and strategist lauded to this day for his wisdom and devotion to his monarch.

“Leaders and officials must study China’s fine traditional culture … which contains extensive knowledge and profound scholarship,” Xi said.

“Spare no effort in the performance of one’s duty until the end of one’s days … I will do whatever it takes to serve my country even at the cost of my own life, regardless of fortune or misfortune to myself,” he added, quoting two classical texts. But party members must also not forget the teachings of Karl Marx and late Chairman Mao Zedong, Xi said.

Survival

Stability and survival remain the Communist Party’s watchwords as the world’s second-largest economy grapples with an upsurge of protests and social tensions over growing inequality, environmental degradation and graft.

Ensuring the party makes it to its 100th anniversary and does not go down as just a footnote in China’s long history is one of Xi’s key challenges.

“Even the Nationalist Party is over 100 years,” one source with ties to China’s leadership told Reuters, referring to Taiwan’s ruling party and onetime rival to the Communists in running all of China which was founded in 1912.

“If the Communist Party cannot reach 100, it would only be a dot in China’s 5,000-year history,” the source said, requesting anonymity to avoid any repercussions.

“The Communist Party turning 100 will be Xi’s most important (set) event during his 10-year rule.”

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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