The country's parliament, constituted by CPC loyalists, will likely rubber-stamp the decision.
However, analysts told CNN that this move may be a sign of weakness for Xi, rather than a thirst for power.
Previously, paramount leaders like Mao Zedong and Deng Xiaoping maintained their supreme authority even as others filled the Head of State positions, but Mr Xi has made global diplomacy a major pillar of his leadership, possibly reflecting a desire to hold on to the presidency title. The Global Times, a newspaper published by the Communist Party, said "outside forces" were trying to challenge the party's leadership. It was then that a new lineup for the all powerful politburo standing committee (PBSC) was unveiled - without an heir apparent to Xi.
Xi has led an nearly unprecedented purge of corrupt party members, many of whom were part of an opposing faction within the CCP.
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Xi, however, holds all three positions. The same Congress also saw the adoption of "Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era" as the guiding ideology by the CCP, and there have been reports that the party wants to make Xi Jinping Thought part of the country's actual constitution. Xi's popularity also soared after he took some tough positions on matters of worldwide importance. "In a country like China, power corruption could go even further".
The two-term limit has been in place since 1982.
Political commentator Professor Hu Xingdou who teaches economics at Beijing Institute of Technology and is the founder of China Studies (Sinology) raised his doubts on the decision saying, "The power of General-Secretary Xi Jinping has been continuously consolidated and of course there is concern among us whether he will slide into a kind of Fascism or personal dictatorship, which will have very serious consequences". That's a real risk in a country whose economic growth figures are already largely discredited, and where Mao was told grain production was booming during a starvation that killed tens of millions of people.
The way that the careers of internet czar Lu Wei, a man who courted the public eye in meetings with people like Facebook boss Mark Zuckerberg, or Chongqing Party boss Sun Zhengcai, were abruptly ended by corruption charges were dramatic illustrations that Xi will brook no rivals, experts added. By breaking with this pattern, Mr. Xi risks taking China back to the days of personality cults, internal power struggles and possibly chaotic successions. The BRI is already facing time and cost overruns in several countries.
Chinese activists living overseas criticize the eradication of the term limits, which they describe as "the revival of an imperial regime", comparing the situation to Yuan Shikai's attempt to accede to the throne after the Xinhai Revolution that broke out in 1911. First, he grabbed the leadership of all of the top policy-making committees - such as foreign affairs, national security and management of the economy - inside the party. The challenge to Chinese hegemony will grow stronger as other countries in the region begin to bandwagon with the United States and balance its powers in the region.
Yet, extending his rule while centralizing power also poses political risks for Xi, making him exclusively responsible for dealing with knotty problems including the ballooning public debt, an anemic public welfare system, unemployment in the bloated state sector and pushback against China's drive for regional dominance and global influence.