China's 2023 External Strategy Evaluation and 2024 Outlook

Jaehung Chung

Director of Center for Chinese Studies

jameschung@sejong.org

In March 2023, through a two session in China, President Xi Jinping was unanimously elected as the president of the State and the President of the Party's Central Military Commission, succeeding in his third consecutive term in Chinese history. After the 20th Party Congress, President Xi Jinping's third consecutive term was successfully established, and a new XI-Li Qiang  system was officially launched, which can be summed up as the Party's control over administration. In particular, the newly launched leadership of the third term of President Xi Jinping has strengthened internal political cohesion to prepare for the new multipolar international order and continuous strategic competition against the United States, and clearly reveals his plan to achieve socialist modernization in 2035 and realize China's distinctive socialist power in 2049. In addition, the leadership of the third term of Xi Jinping is focusing all policies on strengthening national competitiveness by suggesting expanding the domestic market and attracting foreign capital, reforming state-owned enterprises, revitalizing private enterprises, transforming economic development methods, preventing financial risks and guaranteeing basic people's livelihoods, and expanding the Belt and Road Initiative, including neighboring countries, to prepare for mid- to long-term strategic competition. Semiconductors and AI (artificial intelligence) have already been newly established by the party's Central Science and Technology Committee to expand its external influence and secure latest technologies. More intensive investments are expected in research and development of advanced science and technologies such as big data, batteries, robots, 5G-6G technology, and quantum computers.