The prospect that President Xi Jinping could remain in power indefinitely has caused much consternation outside China. But within China, and among many serious observers, the elimination of the constitutional term limit on presidential incumbents has attracted a more positive, or at least nuanced, response.

Companies and investors alike are preparing for the worst on Friday, with the U.S. poised to enact 25% tariffs on $34 billion in Chinese goods and Beijing ready to hit right back. President Donald Trump told reporters on Air Force One on Thursday that the tariffs would go into effect shortly after midnight as scheduled. […]