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☆ China Shows Few Signs of Tilting Economy Toward Consumers in New Plan
▼ + stars: | 2024-07-21 | by ( Keith Bradsher | Chris Buckley | ) www.nytimes.com time to read: +1 min

China engaged in a monthslong drumbeat of anticipation that a Communist Party leaders’ meeting would show the way to a new era of growth for the slowing economy. The outcome was a plan released on Sunday offering more than 300 steps on everything from taxes to religion. Many economists had called for a comprehensive effort to rebalance the Chinese economy away from investment and toward consumer spending. The party promised to “promote the development of strategic industries” in eight sectors, from renewable energy to aerospace. Those were essentially the same industries as in the country’s decade-old Made in China 2025 plan to replace imports of high-tech goods with locally produced products, as part of a national push for self-reliance.

Persons: ’, — Organizations: Communist Party, Communist Party’s Central Committee Locations: China

Hong Kong CNN —China on Tuesday unveiled a plan to deepen integration between the coastal province of Fujian and self-governing Taiwan, touting the benefits of closer cross-strait cooperation while sending warships around the island in a show of military might. The document, hailed as a “blueprint” of Taiwan’s future development by Chinese experts cited in state media, comes at a delicate moment in cross-strait relations as Taiwan gears up for its presidential election in January. Ahead of Beijing’s release of its integration plan, a Chinese aircraft carrier and around two dozen Chinese warships were spotted gathering in waters near Taiwan this week, according to Taiwanese authorities. Fujian, a province of 40 million people on the western side of the Taiwan Strait, is the closest to Taiwan both geographically and culturally. In Tuesday’s directive, Beijing pledges to further speed up integration between the city of Xiamen and Kinmen – which are only a few miles apart.

Persons: Wang Ting, ” Wang, “, China’s, Kinmen, ” Organizations: Hong Kong CNN, Communist Party’s Central, State, Communist Party, Democratic Progressive Party, Taiwan, Mainland Affairs Council, CNN, Times Locations: Hong Kong, China, Fujian, Taiwan, Beijing, Kinmen, Xiamen, Fuzhou, Matsu, Taipei

Pan Gongsheng was appointed Saturday as the new Communist Party chief at the People’s Bank of China (PBOC), in a surprise move as Beijing bolsters its drive to arrest the country’s economic slowdown and stem a slide in its currency. Pan currently serves as the deputy governor of the PBOC. “My initial reaction is this suggests Xi [Jinping] is more concerned about China’s economy than before the 20th Party Congress,” Thomas said. Since then, he has spent nearly two decades working at large state-owned banks, including the Industrial and Commercial Bank of China (ICBC) and the Agricultural Bank of China (ABC). After returning to China, he was promoted to deputy governor at the PBOC in 2012.

Persons: Yi Gang, Pan Gongsheng, Janet Yellen, Pan, Yi, didn’t, Guo Shuqing, Neil Thomas, wasn’t, ” Thomas, Xi, Mao, Thomas, China’s, Biden, ” Organizations: Beijing CNN, Cambridge University, Harvard University, Communist Party, People’s Bank of China, Securities Times, CNN, Ant, Asia Society, Center for, Communist Party’s, Committee, 20th Party Congress, Wall Street Journal, Treasury Department, Renmin University of China, Industrial, Commercial Bank of China, Agricultural Bank of China, ABC, Harvard University’s Kennedy School of Government, State Administration of Foreign Exchange, Beijing, P Global, PMI Locations: Hong Kong, Beijing, China, Shanghai, Center for China, United States, West

☆ China’s Xi Jinping Set to Give ‘Wolf Warrior’ Diplomacy More Bite
▼ + stars: | 2022-10-26 | by ( Chun Han Wong | Keith Zhai | ) www.wsj.com time to read: 1 min

Chinese leader Xi Jinping is overhauling his foreign policy team with promotions for some of his most loyal and combative envoys, a move likely to embolden his diplomats’ aggressive ethos in confronting the West. Qin Gang, Mr. Xi’s handpicked envoy to the U.S. since July 2021, is a leading contender to become China’s foreign minister in the spring, according to people familiar with the matter. Known for his often brusque rhetoric in asserting Beijing’s interests, the 56-year-old was appointed to the Communist Party’s Central Committee as one of its 205 full members on Saturday—making him the first incumbent ambassador to be promoted directly to full membership of the elite body since the end of the Mao era.

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