DIRS.INFO The most relevant business & tech news

How Putin and Friends Stalled Climate Progress A handful of powerful world leaders rallied around Russia and undercut global cooperation. Mr. Putin has gained from this as the increasingly autocratic Mr. Xi finds common cause with the Kremlin. “Much depends on whether authoritarian leaders perceive climate action to be in their self-interest.”Though their actions help Mr. Putin, their track records on climate are mixed. Mr. Xi called Mr. Putin his “best friend.”He was returning the favor from a year earlier, when Mr. Putin hosted Mr. Xi at the Grand Kremlin Palace and awarded him one of Russia’s highest medals for foreign dignitaries. At a news conference with Mr. Putin, Mr. Bolsonaro thanked his “dear friend,” saying that Mr. Putin had offered him support when other world leaders were criticizing his Amazon policy.

☆ China's Xi greets Vietmanese ally with ceremony, call for defiance
▼ + stars: | 2022-10-31 | by ( Martin Quin Pollard | ) www.reuters.com time to read: +3 min

[1/2] Chinese President Xi Jinping meets the media following the 20th National Congress of the Communist Party of China, at the Great Hall of the People in Beijing, China October 23, 2022. REUTERS/Tingshu WangBEIJING, Oct 31 (Reuters) - Chinese President Xi Jinping told the visiting leader of Vietnam's ruling Communist Party on Monday that both countries and parties should "never let anyone interfere" with their progress, state broadcaster CCTV reported. Trong's was the first visit by a foreign leader since Xi secured a precedent-breaking third term as General Secretary at the Chinese Communist Party's 20th party congress this month. The visit by Trong - who holds more power than either Vietnam's president or prime minister - was a showcase of Communist unity. Pakistan's Prime Minister Shehbaz Sharif and German Chancellor Olaf Scholz will also visit China this week.

☆ China's Xi greets Vietnamese ally with ceremony, call for defiance
▼ + stars: | 2022-10-31 | by ( Martin Quin Pollard | ) www.reuters.com time to read: +3 min

HONG KONG — Chinese leader Xi Jinping’s first two terms in power were marked by intensifying competition and tensions with the United States. The United States does not seek conflict with China, Biden told a meeting of his top military advisers Wednesday. “China stands ready to work with the United States to find the right way to get along with each other in the new era,” he said. But China under Xi has a “superficial stability,” Johnson said. Hulton Deutsch / Corbis via Getty ImagesAt 69, Xi has appointed no obvious successor, indicating he may plan to stay in power indefinitely.

China's strategy aims to win over "swing" countries to score United Nations votes, the diplomat said on Tuesday. Washington said it had taken note of the congress and stressed the importance of keeping open lines of communication. Like many up-and-comers, he is a former subordinate from Xi's days as party chief of the eastern province of Zhejiang. Other pro-reform policymakers excluded from the party's new central committee were outgoing economic czar Liu He, 70, and central bank party chief Guo Shuqing, 66. Also among the newcomers is Ding Xuexiang, who was Xi's chief of staff and named to the new Standing Committee.

☆ China ADRs tumble as Xi's new team sparks worries over economy's path
▼ + stars: | 2022-10-24 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

Chinese President Xi Jinping votes during the closing ceremony of the 20th National Congress of the Communist Party of China, at the Great Hall of the People in Beijing, China October 22, 2022. REUTERS/Tingshu WangOct 24 (Reuters) - U.S.-listed shares of Chinese companies slumped on Monday after President Xi Jinping's new leadership team sparked investor concerns that ideology-driven policies would be prioritized at the cost of private sector growth. The iShares MSCI China ETF (MCHI.O) tanked 10%, tracking its steepest one-day drop ever. "By consolidating power, Xi is likely to face little opposition to this form of nationalization of corporate interests." Xi secured a precedent-breaking third leadership term on Sunday and introduced the new Politburo Standing Committee stacked with loyalists.

☆ BOJ steps up, Boris bows out, Xi stays put
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Tingshu WangA look at the day ahead in European and global markets from Wayne Cole. BOJ boss Kuroda has so far shown no sign of reversing course ahead of retirement next year and markets might have to wait for a new face to see the end of YCC. A, sort of, new face is a step closer to being British PM after Boris Johnson bowed out of the leadership race, leaving former FinMin Rishi Sunak in pole position. Beijing marked the rubber-stamping of Xi for a third term as leader by dumping a week of delayed data on markets, and a mixed bunch it was. Topping forecasts were GDP and industrial output, but retail sales disappointed and house prices kept falling in a warning sign for the stretched property sector.

☆ U.S.-listed Chinese stocks drop 20% after Beijing's power reshuffle makes the market 'uninvestable'
▼ + stars: | 2022-10-24 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Chinese internet giant Alibaba has said it will increase its share buyback program from $15 billion to $25 billion. The Invesco Golden Dragon China ETF, which tracks the Nasdaq Goldman Dragon China Index, plunged 20% to hit a new 52-week low. The index holds 65 companies whose common stocks are publicly traded in the U.S. and the majority of whose business is conducted within the People's Republic of China. Shares of Chinese companies listed in the U.S. dropped sharply Monday after Beijing tightened President Xi Jinping's grip on power, souring investor sentiment for non-state-driven companies. "Stocks based in the world's second largest economy are 'uninvestable' again," Bernstein sales trading desk's Mark Schilsky said in a note Monday.

☆ Hu's dramatic China congress exit fuels speculation, official silence
▼ + stars: | 2022-10-24 | by ( Martin Quin Pollard | ) www.reuters.com time to read: +4 min

During the once-in-five-years congress, Xi solidified his grip on power by appointing a Standing Committee made up entirely of loyalists - and excluding the three most senior members of Hu's once-powerful Communist Youth League faction. State TV's Saturday night news broadcasts included images of Hu at the congress, before his exit. Chinese politics, always opaque, have become even more secretive under Xi's decade-long tenure. "Despite the plausibility of a mundane explanation of ill-health, the CCP's secretiveness vis-à-vis senior Chinese leaders and elite Chinese politics lends itself to many more salacious explanations," he said. On China's Twitter-like Weibo, a few social media users alluded to the incident by commenting on old posts featuring Hu.

☆ Alibaba, Tencent shares plummet 11% alongside China tech stocks as Xi tightens grip on power
▼ + stars: | 2022-10-24 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +3 min

Tech giants Alibaba and Tencent closed down more than 11% in Asia; search company Baidu was 12% lower while food delivery firm Meituan tanked more than 14%. That makes it unlikely that anyone would challenge any "policy mistakes" that Xi makes which could hamper growth of the tech sector, Xin Sun, senior lecturer in Chinese and East Asian business, at King's College London said. Under Xi's leadership, China has implemented a raft of policy that has tightened regulation on the tech sector in areas from data protection to governing the way in which algorithms can be used. "Tech stocks have never been the best friend of Xi and it's clear that the market thinks that purge will continue," Justin Tang, head of Asian research at United First Partners, told CNBC. As part of the leadership reshuffle in China, Li Qiang, party secretary of Shanghai is expected to be made premier next year.

☆ China ADRs slump on fears Xi's new team to favor state over growth
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Tingshu WangOct 24 (Reuters) - U.S.-listed shares of China firms slumped in premarket trading after Xi Jinping's newly unveiled leadership team sparked investor fears that ideology-driven policies would be prioritized at the cost of private sector growth. The iShares MSCI China ETF (MCHI.O) skid 8.6%, tracking a sharp fall in Hong Kong shares (.HSI), led by losses in technology and property sector. Register now for FREE unlimited access to Reuters.com RegisterXi secured a precedent-breaking third leadership term on Sunday and introduced the new Politburo Standing Committee stacked with loyalists. read moreMusic streaming co Tencent Music , e-commerce platform Pinduoduo (PDD.O) and mobile game publisher Bilibili shed between 10% and 15%. Register now for FREE unlimited access to Reuters.com RegisterReporting by Medha Singh in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ China's Xi clinches third term, packs leadership team with loyalists
▼ + stars: | 2022-10-23 | by ( Yew Lun Tian | ) www.reuters.com time to read: +3 min

REUTERS/Tingshu WangBEIJING, Oct 23 (Reuters) - China's Xi Jinping secured a precedent-breaking third leadership term on Sunday and introduced a new Politburo Standing Committee stacked with loyalists, cementing his place as the country's most powerful ruler since Mao Zedong. Shanghai Communist Party chief Li Qiang followed Xi onto the stage at the Great Hall of the People as the new leadership team was introduced, meaning he is likely to succeed Li Keqiang as premier when he retires in March. The other members of the seven-man Standing Committee, China's top governing body, are Zhao Leji and Wang Huning, who return from the previous committee, and newcomers Cai Qi, Ding Xuexiang and Li Xi. Li Qiang is also new to the Standing Committee. Xi Jinping also has total control over the larger Politburo and Central Committee," he said.

In 10 years of ruling China, Xi Jinping has expunged political rivals, replacing them with allies. With Comrade Xi Jinping as the core” Unite more closely around the Party Central Committee with Comrade Xi Jinping as the core. Take practical actions to welcome the victory of the Party's 20th National Congress” With Comrade Xi Jinping as the core” With Comrade Xi Jinping as the core” Unite more closely around the Party Central Committee with Comrade Xi Jinping as the core. Take practical actions to welcome the victory of the Party's 20th National Congress” With Comrade Xi Jinping as the core” With Comrade Xi Jinping as the core” Unite more closely around the Party Central Committee with Comrade Xi Jinping as the core. Earlier this year, local officials in the southern region of Guangxi printed and distributed small red booklets about Xi Jinping Thought.

☆ China names Xi Jinping loyalists for core leadership group
▼ + stars: | 2022-10-23 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

China's President Xi Jinping (L) walks with members of the Chinese Communist Party's new Politburo Standing Committee, the nation's top decision-making body, as they meet the media in the Great Hall of the People in Beijing on Oct. 23, 2022. BEIJING — Chinese President Xi Jinping broke precedent Sunday by paving the way for his third term as president, and the likely appointment of a premier with no prior experience as vice premier. Li Qiang, party secretary of Shanghai, walked out second behind Xi at a meeting with press on Sunday. Li is a known Xi loyalist and oversaw stringent Covid controls in Shanghai earlier this year. However, Li Qiang has not previously held a vice premier role, according to a state media biography.

☆ Mystery as former Chinese leader is escorted out of Communist Party Congress in front of world media
▼ + stars: | 2022-10-22 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Janis.Jpg | Janis Mackey Frayer | ) www.nbcnews.com time to read: +4 min

BEIJING — Former Chinese President Hu Jintao was led out of the country's Communist Party Congress Saturday in a moment of unexpected drama during an otherwise highly choreographed event. The “Two Safeguards” assure Xi’s “core” status within the party and the party’s centralised authority over China. It is widely expected that Xi Jinping will hold onto his status as general secretary and head of China’s armed forces. “With Xi Jinping being so prominent, and the party so omnipresent, whenever something goes wrong in China the party will be blamed, and Xi Jinping will be blamed,” he said. In his closing remarks, president Xi said that the Chinese Communist Party, now in its 100th year, was still in its prime.

☆ China's Communist Party amends constitution, cementing Xi's status as 'core' of the party
▼ + stars: | 2022-10-22 | by ( ) www.reuters.com time to read: 1 min

Chinese President Xi Jinping speaks at the closing ceremony of the 20th National Congress of the Communist Party of China, at the Great Hall of the People in Beijing, China October 22, 2022. REUTERS/Tingshu WangBEIJING, Oct 22 (Reuters) - China's Communist Party on Saturday approved amendments to its constitution, including the so-called "Two Establishes" and "Two Safeguards" aimed at cementing the core status of Xi Jinping and the guiding role of his political thought within the party. Register now for FREE unlimited access to Reuters.com RegisterReporting by Beijing newsroom; Editing by Lincoln FeatOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Tingshu WangBEIJING, Oct 22 (Reuters) - China's Communist Party wrapped up its twice-a-decade congress on Saturday, approving amendments to its charter aimed at cementing Xi Jinping's core status and revealing a new Central Committee missing two key officials lacking close ties to Xi. The new Central Committee on Sunday will choose the elite Politburo Standing Committee, with Xi, 69, widely expected to secure a third leadership term. Among the amendments to the party constitution, the "Two Establishes" define Xi as the "core" leader of the party and cement his ideas as the guiding principles of China's future development. Voting was conducted by show of hands in the vast Great Hall of the People, where much of the week's party congress proceedings have taken place behind closed doors. At its first plenum on Sunday, the party's new central committee will choose the next Politburo, which is typically 25 people, and its new Standing Committee.

☆ China says it's running on a new version of democracy that doesn't rely on elections. Experts say it's just another mind game.
▼ + stars: | 2022-10-22 | by ( Matthew Loh | ) www.businessinsider.com time to read: +12 min

He first introduced the term "whole-process democracy" to China in a 2019 speech. However, by November that year, "whole-process democracy" was mentioned in 128 People's Daily articles, per CMP. "China's whole-process people's democracy integrates process-oriented democracy with results-oriented democracy, procedural democracy with substantive democracy, direct democracy with indirect democracy and people's democracy with the will of the state," says China's white paper on the subject, per CGTN. Semantics aside, a key point to note is that "whole-process democracy" plays down the need for elections. Even so, Chong said, whole-process democracy might still help the CCP give the impression that it cares about the average citizen.

☆ The big reveal: Xi set to introduce China's next standing committee
▼ + stars: | 2022-10-21 | by ( Tony Munroe | ) www.reuters.com time to read: +4 min

REUTERS/Tingshu Wang/File PhotoBEIJING, Oct 21 (Reuters) - Xi Jinping, poised to clinch a third five-year term as China's leader, will on Sunday preside over the most dramatic moment of the Communist Party's twice-a-decade congress and reveal the members of its elite Politburo Standing Committee. Xi's break with precedent to rule beyond a decade was set in motion when he abandoned presidential term limits in 2018. His norm-busting as China's most powerful ruler since Mao Zedong has made it even harder to predict who will join him on the standing committee. At least two of the seven current Standing Committee members are expected to retire due to age norms. Reports this week in the Wall Street Journal and South China Morning Post suggest there could be as many as four openings, with Premier Li, 67, possibly among those stepping down.

☆ Protester says he was ‘kicked and punched’ at Chinese consulate in Britain
▼ + stars: | 2022-10-20 | by ( ) www.nbcnews.com time to read: +4 min

It is the latest diplomatic spat between Britain and China, whose relationship has soured in recent years. Bob Chan, who is aged in his 30s and originally from Hong Kong, said the attack started when masked men came out of the consulate to take away banners from peaceful protesters. I held on to the gate where I was kicked and punched,” he told reporters. He said that a protester had grabbed a member of staff during a scuffle and refused to let go. Points of contention include a British program allowing almost three million people in Hong Kong to apply for visas.

☆ What China's big party congress this week means for the economy
▼ + stars: | 2022-10-20 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Chinese President Xi Jinping gave a speech Sunday that outlined the Communist Party of China's priorities for the next five years. BEIJING — The twice-a-decade Chinese leadership meeting this week has significant implications for which parts of the economy will receive support or continued pressure, Natixis analysts said Thursday. Chinese President Xi Jinping gave a speech Sunday that outlined the Communist Party of China's priorities for the next five years. An official version of that report is set to be published after the party's 20th National Congress ends on Saturday. The congress' implications for different sectors "are a big boost for industrial policy," analysts from the French investment bank said.

Protester Bob Chan, who was seen being pulled into the grounds of a Chinese consulate in Manchester and beaten, attends a news conference, in London, Britain, October 19, 2022. Bob Chan, who is aged in his 30s and originally from Hong Kong, said the attack started when masked men came out of the consulate to take away banners from peaceful protesters. I held on to the gate where I was kicked and punched," he told reporters. "I could not hold on for long and was eventually pulled into the grounds of the consulate." Points of contention include a British programme allowing almost three million people in Hong Kong to apply for visas.

☆ Asia-Pacific markets rise after Wall Street's jump; yen hovers near 149-levels
▼ + stars: | 2022-10-18 | by ( Abigail Ng | ) www.cnbc.com time to read: +1 min

The Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Monday, Nov. 30, 2020. Shares in the Asia-Pacific traded higher on Tuesday after Wall Street's rally overnight. Japan's yen touched 149.08 against the dollar and was last trading near 148.90. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.46%. The unusual move comes as the Communist Party of China holds its 20th National Congress.

REUTERS/Thomas Peter/File PhotoHONG KONG, Oct 18 (Reuters) - As Xi Jinping consolidates power at China's 20th Communist Party Congress this week, Chinese women are not holding their breath for progress in gender equality. Mao Zedong, the founding father of the People's Republic, famously said "women hold up half the sky" and gender equality is enshrined in the country's constitution. "The trend (now) is usually women serve as a deputy or more symbolic position," he said. The sole current female member, Sun Chunlan, who has spearheaded China's zero-COVID policy, is 72 and expected to retire. The Chinese government body in charge of women's rights, the Women's Federation, did not respond to a Reuters request for comment.

☆ Asia-Pacific markets slip as recession fears weigh
▼ + stars: | 2022-10-17 | by ( Abigail Ng | ) www.cnbc.com time to read: +1 min

Pedestrians walk in front of an electronic quotation board displaying stock prices of the Tokyo Stock Exchange in Tokyo on March 7, 2022. Shares in the Asia-Pacific fell on Monday as recession fears weigh in over expectations of continued tighten monetary policies around the world. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.6% lower. Later in the week week, several countries in the region are slated to report inflation data, while Australia will release unemployment statistics and China will announce its loan prime rate decision. U.S. stocks closed the previous week lower after a University of Michigan survey showed inflation expectations were increasing.

Search resuls for: "Communist Party of China"

25 mentions found