The party congress usually lasts for 7 days, so we should expect it to run from November 8 to November 14.
There are several main components of the agenda but the most important is the leadership selection. The Central Committee (comprised of about 370 people) will most likely be selected on the last official day of the Congress (November 14), and on the following day this newly elected Central Committee will elect the Politburo (about top 25 leaders), the Standing Committee of the Politburo (top 7-9 leaders and the ultimate decision making body), and the General Secretary (head of the Standing Committee and the top leader of the CPC and, ultimately, the PRC) as well as the Central Military Commission (CMC)
There are three reasons why this leadership transition is particularly important, according to Goldman Sachs
- First, this is the first transition that is taking place at a time when China has emerged as an economic giant, the second most important economy in the world.
- Secondly, China’s upcoming leaders are generally far less understood and their policies and ideologies far less known because there is not typically a lengthy campaign as there is in the US and in other parts of the world.
- Third, the crisis of Bo Xilai (a former top-ranking Chinese politician who was expelled from the Party in September due to alleged corruption and other criminal charges) tremendously increases the risk around China’s future.
Print 22:54, 07 Nov 2012 - Asian News - Source: RANsquawk/Zerohedge/Goldman Sachs
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