Corrupt and unbalanced: China is to endure a complete economic reform under the hands of President Xi Jinping

As the largest economy in the world, China requires big economic changes to continue its growth.

With an aging population, a corrupt government, a widening wealth inequality and rising manufacturing costs, it is time to transform China's entire economy; and it won't be an easy task.

LOS ANGELES, CA (Catholic Online) - According to Aljazeera America, China has gained the title as the largest economy of the world, rising above the United States at the end of 2014. To remain at the top and continue its growth, China needs to see reform in the entire economy.

Chinese President Xi Jinping has his work cut out for him. The changes needed will be at the expense at those profiting from the current standards. "In any authoritarian state, change creates risk," states Aljazeera America.

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Xi has spent much of his time as president building up power. He is the president, chairman of the military and head of the communist party.

President Barack Obama described Xi saying he "has consolidated power faster and more comprehensively than probably anyone since Deng Xiaoping."

Xi is aware of the dire situation China's economy stands in and understands there is no other choice than to act now.

To balance the economy, Chinese wealth needs to be transferred from state-owned business to Chinese consumers.

Although Xi already began implementing some changes in 2014, he has received some push back from corrupt members of the government, military and state-owned enterprises. They will do anything to retain their privileged positions in the system.

Many see Xi's reforms are seen by the elite Chinese as just another way for him to gain more power by overthrowing those against him.

Western cities critic Xi's reforms, saying they're doomed without a free press or an effective, independent judiciary.

However, if Xi succeeds with his economic reform plans, "China is headed toward a corruption-free, politically cohesive and economically powerful one-party state with global reach: a Singapore on steroids," said Elizabeth Economy, an analyst who wrote in Foreign Affairs.

On the other hand, if Xi does not succeed, China will no longer have the largest economy and will no longer be able to assist countries in the wakes of their own financial crises. China's political and economy systems could become more fragile and educated youth with no employment opportunities could lead to rebellion.

Xi has set the stage for change, but can China's population handle all the changes coming?

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