Why did Chinese President Xi Jinping ask to be ready for “black swan” and “gray rhino”? Is Beijing heading toward crisis?

Releasing a document during the third Plenary Session of the 20th CPC Central Committee, Chinese President Xi Jinping warned his countrymen to be prepared for “black swan” and “gray rhino” risks, reports Xinhua. Emphasizing that the world is experiencing an extreme transformation, and increasing regional conflicts, he is supposed to have indicated that China may face a crisis as well. According to MSN, by “black swan” Xi Jinping meant an unexpected event with significant consequences, while a “gray rhino” is a foreseeable risk often overlooked. He first used these terms in January 2019, when China’s economic growth rate plummeted to 6.6%, the lowest in the last 28 years.

China braces for strategic challenges

These terms are related not only to economic crises but strategic issues as well. He might have hinted at the Taiwan crisis and the South China Sea, which is slowly becoming a major security and geostrategic hotspot.

CPC Document

The document, released in Beijing, has 60 provisions and 300 reform tasks and deals with developing advanced technology and securing security through military and supply chain enhancements. The document emphasized the role of the government-controlled companies and indicated that Beijing would continue to support private companies and finance under state leadership and dominance.

Xi Jinping emphasizes on security

According to Xinhua, Xi Jinping emphasized the importance of national security and made it clear that the security of China’s key industrial networks and its strategic military deterrence is necessary.

China to counter Western pressure

The 'South China Morning Post' has reported that the Chinese president took this tough stance to counter the Western pressures led by the US in the economic field as well as security, particularly in the Taiwan Strait and South China Sea. He is believed to have indicated that China must be ready to face any threat by strengthening its economic, technological, and military capabilities.

FAQs

What does Chinese President Xi Jinping mean when he warns of a “black swan” and a “gray rhino”?
By “black swan” Xi Jinping meant an unexpected event with significant consequences, while a “gray rhino” is a foreseeable risk often overlooked. The Chinese president first used these terms in January 2019, when China’s economic growth rate plummeted to 6.6%, the lowest in the last 28 years.

When did Xi Jinping warn of a “black swan” and a “gray rhino”?
Releasing a document during the third Plenary Session of the 20th CPC Central Committee, Chinese President Xi Jinping warned his countrymen to be prepared for “black swan” and “gray rhino” risks.