Chinese President Xi Jinping is on the brink of scoring a historic third term in power, sparking renewed talk he could be set to "rule for life".

But behind the scenes, there are growing signs his grip on power might not be as rock solid as it appears.

The path to Xi's third term has been a work in progress, starting in 2018 when China's two-term limit – which was enshrined in the constitution – was repealed.

Whether or not the 69-year-old does secure a third term will be decided next month at the 20th Party Congress, which kicks off on October 16.

It's all but certain a third term will be granted, which will mean he'll be in the top job until 2027.

But beyond that, things are looking increasingly uncertain for Xi's leadership as the nation reels from a string of unprecedented crises.

China in crisis

China's aggressive Covid-zero strategy has been disastrous for the economy, with draconian lockdowns and restrictions lingering while most of the world moves on.

On Wednesday, Guangzhou became the latest city to enact restrictions as cases climb, with Daily FX and IG analyst Thomas Westwater noting the new measures will "undoubtedly weigh further on economic activity", especially after China's principal reporting agency said yesterday that its manufacturing sector remains in contraction.

Meanwhile, a record-breaking heatwave and drought is also wreaking havoc, leading to factory closures in a bid to save power, which in turn have also battered the economy.

At the same time, Chinese homeowners continue to take part in unprecedented mortgage boycotts as the property industry also tanks.

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Last month, China announced an ambitious multi-billion, 19-point plan to bolster its ailing financial system in yet another sign that the economy was in trouble, and a combination of these crisis has led to growing discontent among the Chinese populace, and cast doubt on Xi's future leadership.

Speaking at the 2022 World Economic Forum in Davos in May this year, billionaire George Soros claimed "Xi Jinping is bound to fail", citing his dogged Covid policy as the reason for his supposed downfall.

"Xi's worst mistake was to double down on his zero-Covid policy. The lockdowns had disastrous consequences. They pushed the Chinese economy into a freefall," he said.

"It started in March, and it will continue to gather momentum until Xi reverses course – which he will never do because he can't admit a mistake. Coming on top of the real estate crisis, the damage will be so great that it will affect the global economy.

"With the disruption of supply chains, global inflation is liable to turn into global depression."

Soros also noted that Xi Jinping "has many enemies", and that it is "well known that there is dissension within the Communist Party".

"It has become so sharp that it has found expression in articles that ordinary people can read," he said.

"Contrary to general expectations, Xi Jinping may not get his coveted third term because of the mistakes he has made. But even if he does, the Politburo may not give him a free hand to select the members of the next Politburo.

"That would greatly reduce his power and influence and make it less likely that he will become ruler for life."

Bloomberg's Sarah Zheng seems to agree with Soros' claim, writing in a recent analysis that securing a third term "doesn't mean he'll rule China for life".

In addition to the challenges Xi is already facing is the potential threat posed by Premier Li Keqiang, who has recently sparked rumours of an internal rift after voicing frustration at the economic impact of Covid lockdowns – an incredibly rare example of mixed messages among China's elite, Zheng reports.

According to the analysis, a major clue in the weeks ahead will be whether Xi takes on the title of "the people's leader", with Bloomberg reporting that if that doesn't end up happening, "it could be seen as evidence of internal pushback, perhaps from elders nervous of allowing another Mao-style personality cult".

Chilling prediction

Meanwhile, Dr Alexander Korolev, senior lecturer in politics and international relations in the School of Social Sciences at the University of New South Wales, told news.com.au it was likely Xi would secure a third term, but that his chances of "lifelong rule" would depend on a range of factors, including the economic situation and a potential split within the Chinese Communist Party.

He said Xi had "successfully eliminated" all other potential leadership candidates and the fact there were no significant contenders for the top job on the horizon indicated he was likely to remain in power for the "foreseeable future".

However, Dr Korolev said while China's economy was clearly slowing, the regime was growing more and more authoritarian – a trend which would likely worsen with time.

"Power was much more diffused under the previous leadership – it was less concentrated but now it is literally one person ruling," he said.

"There are risks of course – a one-person system looks very solid but is actually more brittle; there is an intrinsic weakness associated with this kind of system.

"But if Xi stays in power I think it will become even more authoritarian and more centralised and one contributing factor is not only the domestic situation but also the increasingly complex geopolitical situation and the deteriorating US/China relations."

He said US House of Representatives Speaker Nancy Pelosi's recent visit to Taiwan had "really annoyed the CCP".

"In this context, I think it is a natural reaction to have more centralisation of power and more controls," he said.

That could include the "greater role of the military … stronger censorship and stronger propaganda", he said, adding that he believed we could soon see China gradually close up more and more.