Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

China's Xi thanks late leader Jiang Zemin for ensuring party's survival from 'storms'

Published 12/05/2022, 11:00 PM
Updated 12/06/2022, 09:03 PM
© Reuters. A Chinese flag flies at half mast in front of the Lujiazui financial district, on the day of the memorial service for former Chinese President Jiang Zemin, in Shanghai, China December 6, 2022. REUTERS/Aly Song

BEIJING (Reuters) - Chinese President Xi Jinping paid tribute to former leader Jiang Zemin on Tuesday for ensuring the Communist Party's survival from "political storms" and reforming it to inject new vitality and modernise the country's economy.

Jiang, who died on Wednesday aged 96, confounded the naysayers, chalking up a list of achievements after breaking China out of diplomatic isolation in the post-Tiananmen era, mending fences with the United States and overseeing an unprecedented economic boom.

Speaking at a sombre state memorial service for Jiang in the Great Hall of the People in Beijing, Xi said Jiang had assumed leadership at a time when the party, military and country were at "a serious moment of external pressure and internal difficulties", referring to the 1989 pro-democracy protests on and around Tiananmen Square.

"In the late 1980s and early 1990s, serious political storms occurred at home and abroad, and world socialism experienced severe complications. Some Western countries imposed so-called 'sanctions' on China," Xi told an audience including China's top leadership and Jiang's direct successor Hu Jintao.

But Jiang stepped forward to press reform and opening up, strengthen the party's ties with the people, engage in "diplomatic struggles" and upheld China's independence, dignity, security and stability, Xi added.

Jiang, who was cremated on Monday, had firm beliefs and was decisive, he said.

"He had the extraordinary courage to make bold decisions and the great courage to carry out theoretical innovation at critical moments."

Air raid sirens sounded for three minutes across the country at 10 a.m. (0200 GMT) when the ceremony began, and stock, currency and bond markets suspended trade, also for three minutes.

Attendees at the ceremony all stood as Xi spoke, and wore white chrysanthemums, a traditional Chinese symbol for mourning.

His death has prompted a wave of nostalgia for the relatively more liberal times he oversaw.

Jiang's death has come at a tumultuous time in China, where authorities are grappling with rare widespread street protests among residents fed up with heavy-handed COVID-19 curbs three years into the pandemic.

© Reuters. Officials attend a memorial meeting for former Chinese President Jiang Zemin at the Great Hall of the People in Beijing, China December 6, 2022. cnsphoto via REUTERS

Xi, describing Jiang's death as an incalculable loss, said the country must turn grief into strength and use his legacy to write a new chapter in the party's development.

"Do not believe in evil, fear neither ghosts nor pressure, and do your best to overcome all kinds of difficulties and challenges on the way forward."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.