Many western states do not give China a good role model for further developing the political system.

All leading rating agencies – FitchRatings, S&P, DBRS Morningstar – give the People’s Republic of China a credit rating of A+ or A1. Moody’s credit profile of China (issuer rating A1) is supported by the country’s “a1” economic strength, but also – among other factors – drawn down by the country’s “baa” susceptibility to event risk, driven by risks posed by the banking sector, as well as by external vulnerability risk and political risk due to geopolitical tail risks.

However, many countries with better credit ratings, AAA or AA, do not offer the People’s Republic of China any examples to emulate. Only in kingdoms are there people who are granted a special position in politics and society at birth. In China, too, children of influential politics certainly have advantages in life. But these advantages are not guaranteed by the constitution or law, as in Western and Japanese monarchies: An unacceptable idea for the Chinese.

Absolute and semi-constitutional monarchies are most common today on the Arabian Peninsula, even though Morocco, Brunei, Eswatini and Liechtenstein also count among them. Semi-constitutionalism – where monarchs and elected representatives share powers – ranges from countries which let monarchs retain some powers next to an elected parliament to so-called elective monarchies, which elect leaders from a group of royals – the governing system of the United Arab Emirates. The Pope is also elected from a group of Cardinals, but he is the singular ruler over the Vatican, therefore considered an absolute monarchy.

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