Growth Dragons Weekly: Is Xi ill?
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There have been quite a number of big stories happening in Growth Dragons this week:
What's Behind Xi's Absence at G20?
Huawei’s Mate 60 Pro: The Phone That China Can’t Make
Tit-for-Tat: China bans Apple iPhones in Government Workplaces
Hong Kong’s Heaviest Rainfall in 139 Years, Drowning Properties In Sorrow
Luckin Coffee Shares Up With Moutai Coffee
1. What's Behind Xi's Absence at G20?
The global spotlight remains fixed on China, with continuous media speculation surrounding the absence of President Xi Jinping from the G20 Summit. This raises questions about China's aspirations for greater global influence and the reasons behind Xi's reluctance to participate.
During Xi's absence from the BRICS forum's keynote speech, reports in The Guardian hinted at health concerns. There were rumors suggesting that Xi may be grappling with cerebral aneurysm since 2021.
Another perspective suggests that Xi's reduced international travel this year may be linked to domestic challenges requiring his attention.
Perhaps the most intriguing rumor, as reported by Nikkei Asia, revolves around dissatisfaction among elder statesmen within the Chinese Communist Party regarding Xi's performance, potentially jeopardizing his position.
Now, information has begun to trickle out regarding the annual summer gathering at the Chinese seaside resort of Beidaihe, where incumbent and retired leaders in August sat down for informal discussions.
Sources say that ahead of the Beidaihe meeting, retired Chinese Communist Party elders held a meeting of their own to align their positions. Their views were then conveyed at Beidaihe to the current leaders, including Xi.
It is believed that the message raised serious concerns about the direction of the country, with its receding economy, a real estate sector in shambles and mysterious firings of the foreign minister and top Rocket Force generals.
Were the party elders' remarks behind Xi's absence at the G20?
We actually hope that this is true. If Xi were to step down, it will debunk the view that China is run by a dictator. There exist a system that collectively makes decisions in China. Additionally investors who don’t like Xi being in charge may welcome the change, potentially sparking a positive response in the stock market.
Ultimately, it might simply be a matter of human nature—if you're not wanted at a gathering, why attend?
In summary, the reasons behind Xi's absence remain shrouded in mystery, and these speculations are just that—speculations. As always, the media's fascination with China continues to generate a wealth of conjecture.