Xi-politics and Li-economics complementary

The worldwide interest in the Third Plenary Session of the 18th Communist Party of China Central Committee, which will set the guidelines for China's future development, has been intense, and there has been much speculation about the outcomes. But while waiting to see what emerges, this plenum is about politics and economics - the complementing of the political initiatives of President Xi Jinping with the economic reforms under the direction of Premier Li Keqiang.

Visitors take photos at Tian'anmen Square in Beijing. As the third plenary session of 18th CPC Central Committee was kicked off on Nov 9, 2013, residents and visitors in Beijing flocked to the square to soak up the atmosphere. [Photo by Xu Jingxing / Asianewsphoto]

First of all, when we think about the nature of the political initiatives spearheaded by Xi, we notice that they are almost all concerned with "current excesses and their elimination", such as anti-corruption, anti-poverty, anti-waste, anti-conspicuous consumption, anti-hedonism, anti-formalism, and so on, follow by specific means for their elimination, such as punishments, education, rehabilitation, and institutional reform. All in all, this is being done for the larger goal of serving the people, with special attention to the underprivileged.

Li Keqiang-economics, or Likonomics, a term coined by Barclays Capital economists to describe Premier Li Keqiang's economic policy, has three pillars: no stimulus, deleveraging and structural reform.

What is the meaning of this combination of Xi-politics and Li-economics? First and foremost, it is not about the glorification of political personalities, it has a deeper significance, as they are the partnership charged with leading the rejuvenation of the Chinese nation, which is the Chinese dream. The Chinese dream is not a political slogan, it is the destiny of the nation, and a task to be fulfilled. By 2021, at the 100 anniversary of the Party, within the tenure of the Xi and Li, the Chinese dream will be realized with the establishment of xiaokang, a "moderately prosperous society".