Families of China’s leader Xi Jinping and a rival faction led by former leader Jiang Zemin have been involved in business conflicts, leading to speculation that there are warring factions within the CCP. As a one-party state, the Chinese Communist Party (CCP) monopolizes power in China. The leadership, however, is not monolithic. After taking office, Xi sought to consolidate his power in the party, avoiding being hamstrung by factional politics, like his predecessor Hu Jintao was. In Xi’s anti-corruption campaign, many high-ranking officials associated with the Jiang Zemin faction have been arrested. Even though Jiang is now retired, he remains a force behind the scenes. Xi has seemingly gained the upper hand over the Jiang faction, as the Jiang faction seems powerless to stop Xi amending China’s constitution. However, a halt to Ant Group’s IPO indicates that conflicts continue in the business world, one U.S.-based political commentator said. Beneficiaries Behind …