Risk management is the new buzz phrase echoing around the corridors of power in Beijing. At the end of a four-day study session, leading Communist Party cadres from across China were told of the “tough battle” ahead. “Officials [must] go all out to do a good job of major risk prevention,” Wang Huning, the CCP’s ideology guru, said during Thursday’s closing address, according to the state-run Xinhua news agency. “Bottom-line thinking [would be required] and [you] must prepare for the worst-case [scenario],” he added.
His comments at the ideological talkfest in Beijing reinforced Monday’s opening speech by President Xi Jinping about the dangers of “financial risks” and the fall-out from the trade war with the United States.