Crises Put First Dents in Xi Jinping’s Power

Chinese president is looking more vulnerable than at any time since taking office in 2012, insiders say

China's top leader Xi Jinping has consolidated power faster than most observers expected since he took control three years ago. However, the country's slowing economy and tumbling stock market are proving to be his biggest challenges to date. Photo: AP

BEIJING—Shortly before President Xi Jinping boarded a plane last month to attend a summit in Russia, his office issued an executive order: China’s stock markets must go back up.

The massive state-backed share-buying that ensued propped up the markets briefly in mid-July, allowing Mr. Xi to showcase China’s economic might at the summit with emerging-market leaders. In recent weeks, though, share prices have plunged again, taking global markets with them and triggering an international crisis of confidence in Mr. Xi’s stewardship...