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China Girds for Tough Times

Historically, China has carried out its most important reforms in times of crisis. The mandate given by the Communist Party's 20th National Congress and President Xi Jinping to his closest allies is in keeping with this pattern.

HONG KONG – Last month, the world’s attention was focused on the 20th National Congress of the Communist Party of China (CPC). Beyond the headline-grabbing developments – especially President Xi Jinping’s confirmation for a third term in power – the Congress delivered a sobering report in which Xi argued that, amid unprecedented external and internal challenges, the Party and the nation must prepare for tougher times ahead.