Xi and the Shift From Economics to Ideology

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 29 October 2022

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Circle and FTX US. On this edition of the “Weekly Recap,” NLW gives an overview of the 20th Chinese Party Congress, including the power moves made by President Xi Jinping, Western reactions and why the leader is shifting from economics to ideology. - Nexo Pro allows you to trade on the spot and futures markets with a 50% discount on fees. You always get the best possible prices from all the available liquidity sources and can earn interest or borrow funds as you wait for your next trade. Get started today on pro.nexo.io. - Circle, the sole issuer of the trusted and reliable stablecoin USDC, is our sponsor for today’s show. USDC is a fast, cost-effective solution for global payments at internet speeds. Learn how businesses are taking advantage of these opportunities at Circle’s USDC Hub for Businesses. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is “War” by Enoch Yang. Image credit: Lintao Zhang/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.0	The breakdown is sponsored by nexo.io, circle, and FtX, and produced and distributed by CoinDesk.
0:22.8	What's going on, guys? It is Saturday, October 29th. That means it's time for the weekly recap.
0:28.7	Now, before we get into the weekly recap, there are two ways to listen to the breakdown.
0:33.3	You can find us on the Coin Desk podcast Network, which comes out every afternoon, and which also
0:37.7	features other great Coin desk shows, or you can hear it on the breakdown-only feed, which comes
0:41.7	out a few hours later in the evening. Wherever you are listening, I would so appreciate it
0:45.8	if you would take the time to leave a rating or a review, it makes a big difference.
0:50.2	Also, a disclosure, as always. In addition to them being a sponsor of the show, I also work with FTX.
0:55.3	All right, folks, happy Saturday. As you probably know, if you've listened to any shows this week,
1:00.8	I am currently on my way down to South America with the family. And so for this weekly recap, I wanted
1:06.1	to use this chance to talk about a fairly big geopolitical topic in China, specifically what's been going on
1:12.9	in terms of the power dynamics inside of China. Now, the normal caveats extra apply here. I am not a
1:19.0	China expert by any stretch of the imagination, and so even more than usual, will not be embedding
1:24.0	tons of my own op-ed or opinions here. Also, apologies in advance for what
1:28.3	I can only assume will be rampant mispronunciation. So last weekend saw the end of the 20th
1:34.3	Party Congress for the Chinese Communist Party. The culmination was that President Xi Jinping
1:38.7	was elected to a third five-year term as head of state. She's election is being viewed broadly
1:44.0	as a massive
1:44.8	consolidation of power, the likes of which we haven't seen for many, many years. A small but
1:49.8	substantive example is that party rules that were established in 1982 were abandoned to enable
	...

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