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<p>Dear Asianists,</p>
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<span style="font-size:11.0pt; font-family:"Calibri",sans-serif; color:#1F497D">Jonathan Leightner's book, <i>Ethics, Efficiency, and Macroeconomics in China from Mao to Xi</i> came out in April of 2017. In it, he shows how China’s leaders, from Mao to Hu
Jintao, have lost power (but not necessarily their official positions) when their signature policies have failed. </span><span style="color: rgb(31, 73, 125); font-family: Calibri, sans-serif, serif, EmojiFont; font-size: 11pt;">As the 19th Congress of the
Chinse Communist Party has just </span>concluded<span style="color: rgb(31, 73, 125); font-family: Calibri, sans-serif, serif, EmojiFont; font-size: 11pt;">, this is a timely addition to your required reading on China.</span></p>
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<span style="font-size: 11pt; font-family: Calibri, sans-serif, serif, EmojiFont; color: rgb(31, 73, 125);">Jonathan adds: </span></p>
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<span style="font-size: 11pt; font-family: Calibri, sans-serif, serif, EmojiFont; color: rgb(31, 73, 125);">I predicted that at the 19<sup>th</sup> Congress of the Chinese communist party, which just concluded last week, that Xi Jinping would lose power (but
keep his official positions); however, I did hedge my bets by saying that the results would depend on how many of Xi’s rivals had been eliminated in Xi’s anti-corruption campaign. I argued that Xi would lose power because his promotion of the Chinese stock
market ended in a huge collapse of that market in June 2015-January 2016 and due to his failure to replace the US dollar with the Chinese yuan as the world’s dominant currency.</span></p>
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<span style="font-size: 11pt; font-family: Calibri, sans-serif, serif, EmojiFont; color: rgb(31, 73, 125);">A close examination of the seven members of the standing committee of the Politburo of the Chinese Communist party who were announced at the end of the
19<sup>th</sup> Congress (last week) shows that I was correct. The fact that Le Keqiang has kept the second position when Xi clearly has disliked and opposed him is part of my evidence. The fact that Wang Yang, who is from the Chinese Youth League faction
in contrast to Xi Jinping who is a princeling, was promoted is more evidence. Wang Yang is especially significant because he is the one who allowed for totally free elections in Wukan after its land grab protest under the Hu Jintao administration. Xi Jinping
had undone that freedom by arresting the elected governor. Furthermore, the person that Xi wanted to continue to run the anti-corruption agency, was retired and he was replaced with someone who has no clear loyalties to any group. I think this is an indication
that the Chinese Communist party is tired of anti-corruption campaigns being run as a political tool.</span></p>
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<span style="font-size: 11pt; font-family: Calibri, sans-serif, serif, EmojiFont; color: rgb(31, 73, 125);">Some experts have argued that the fact that no one was promoted to the standing committee of the Politburo who is young enough to be Xi’s successor in
5 more years is an indication that Xi intends to stay for a third term. However, I interpret the lack of young promotions to the standing committee as another evidence that Xi does not have the power to appoint a successor that could become his puppet in
5 years. It is an evidence that the powers-to-be could not agree on a successor, and that Xi could not plow his way through that lack of agreement.</span></p>
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The link to get your own copy is below:</span>
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<span style="font-size:11.0pt; font-family:"Calibri",sans-serif; color:#1F497D"><a href="https://www.amazon.com/Ethics-Efficiency-Macroeconomics-China-Mao/dp/1138630926" class="OWAAutoLink" id="LPlnk66543" previewremoved="true">https://www.amazon.com/Ethics-Efficiency-Macroeconomics-China-Mao/dp/1138630926</a></p>
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<a id="LPUrlAnchor_15092192577180.13576892577220212" href="https://www.amazon.com/Ethics-Efficiency-Macroeconomics-China-Mao/dp/1138630926" target="_blank" style="text-decoration: none;">Ethics, Efficiency and Macroeconomics in China: From Mao to Xi: 9781138630925:
Business Ethics Books @ Amazon.com</a></div>
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www.amazon.com</div>
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Ethics, Efficiency and Macroeconomics in China: From Mao to Xi: 9781138630925: Business Ethics Books @ Amazon.com</div>
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