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☆ Reaction to China's 20th Communist Party Congress
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +2 min

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. I can imagine that zero-COVID policy is likely more entrenched and there’s going to be further push on this issue of common prosperity and the like.”CHRIS MILLER, PROFESSOR AT TUFTS UNIVERSITY, MASSACHUSETTS“The party congress has reaffirmed Xi's decisive role in ruling the Communist Party, marking a continued shift away from collective leadership of party elites toward a personalized dictatorship. It also appears to have confirmed the downgrading of economic growth as a key party goal, relative to other agenda items such as zero-COVID and the party's political and ideological control. On tech, the key theme was self-sufficiency in science and technology, which is to be expected given the increasing decoupling of the U.S. and Chinese tech sectors.”GARY NG, SENIOR ECONOMIST, ASIA PACIFIC, NATIXIS, HONG KONG“The new inner circle will extend and heighten the current policy stance, and generally it seems that most of the newly appointed officials seem to be Xi’s key allies. So I guess this is also a move of the further consolidation of power, or maybe in the future, of course, performance is important, but also loyalty is increasingly a key concern when picking officials.”Register now for FREE unlimited access to Reuters.com RegisterReporting by Rae Wee in Singapore and Xie Yu in Hong Kong; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ Putin congratulates China's Xi on unprecedented third term
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +1 min

Oct 23 (Reuters) - Russian President Vladimir Putin congratulated Chinese President Xi Jinping on Sunday on securing an unprecedented third term as leader, and said he looked forward to further developing a "comprehensive partnership" between their two countries. Xi and Putin signed a "no limits" partnership agreement in February, three weeks before Russia's invasion of Ukraine. Since then, China has taken a careful line, criticising Western sanctions against Russia but stopping short of endorsing or assisting in the military campaign. Moscow increasingly sees Beijing as a key geopolitical and economic partner in the face of Western sanctions and isolation, and Putin has sought to foster warm personal ties with Xi. The Russian president said he was confident that Xi's reappointment would "strengthen China's position in the international arena" and help the country realise its vast domestic investment and development plans, the Kremlin 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.

☆ Xi Jinping wins third term as China's president
▼ + stars: | 2022-10-23 | by ( Taiyler Simone Mitchell | ) www.businessinsider.com time to read: +2 min

Xi ended two-term presidential limits in 2018. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyXi Jinping will continue as China's President for a historic third term. Xi became President in 2013 and ended two-term presidential limits in 2018. The enormity of the task is what makes it great and infinitely glorious," Xi, a member of the Chinese Communist Party, said, according to The Washington Post. According to the Wall Street Journal, "Mr. Xi dominates Chinese politics in ways that no leader has since Mao Zedong.

Three of the four new Standing Committee members owe their political rise to Xi, and the fourth is believed to be closely aligned with him. All but Guangdong party chief Li Xi worked under Xi in the 2000s, either in affluent Zhejiang province or in Shanghai. By excluding Li Keqiang and Wang Yang, both 67, from the party Central Committee and Standing Committee, Xi broke with the "seven-up/eight-down" rule that those aged 67 or under would remain for another five years. No woman has ever made it onto the Standing Committee. NOT TROUBLE-FREEThe run-up to the party congress was hardly smooth, with China facing sharp economic slowdown, frustration over zero-COVID and worsening relations with the West.

☆ China GDP: 2022 Q3 data stronger-than-expected after Xi Jinping secures third term in power
▼ + stars: | 2022-10-23 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN Business —China released stronger-than-expected GDP and other economic data on Monday, just a day after Xi Jinping clinched a historic third term in power following the conclusion of a major political gathering. But Hong Kong’s Hang Seng (HSI) Index, a key gauge of overseas investor sentiment on China, tumbled at Monday’s open and headed for its biggest losses in more than seven months. On Monday, Hong Kong’s benchmark Hang Seng Index opened down and sank 4.6% in early trading, poised for its biggest daily decline since March. The Hang Seng Tech Index, which tracks 30 largest technology firms listed in Hong Kong, plunged nearly 6%. Meanwhile, the Shanghai Composite Index, which trades on the tightly controlled domestic market in China, dropped 0.5%.

Promoted despite facing difficulties in leading China's capital, Cai is much like another Xi ally elevated to the Standing Committee, Shanghai Party Secretary Li Qiang. Cai and Li on Sunday joined a long list of Shanghai and Beijing Party bosses that have been promoted to the Standing Committee. Cai was promoted in 2014 to general office deputy director at the Beijing-based National Security Commission, a body founded and chaired by Xi. In 2017, just weeks after the 19th Party Congress, Cai faced loud public criticism over the forced eviction of migrant workers on Beijing's outskirts. A decade later, during a Beijing Party committee meeting on cyberspace and ideology hosted by Cai, no mention was made of citizens using social media to hold officials accountable.

☆ Watch: China’s Ex-Leader Hu Jintao Escorted Out of Party Congress
▼ + stars: | 2022-10-22 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

Watch: A Timeline of Liz Truss’s 45 Days as U.K. Prime Minister Liz Truss became the shortest-serving U.K. prime minister and the first since Winston Churchill to serve two monarchs when she resigned after just 45 days in power. WSJ’s David Luhnow explains how her premiership came crashing down. Photo illustration: Adele Morgan

☆ Hu Jintao’s Exit from China’s Party Congress Causes a Stir
▼ + stars: | 2022-10-22 | by ( James T. Areddy | ) www.wsj.com time to read: 1 min

Retired Chinese leader Hu Jintao , the 79-year-old predecessor to Xi Jinping , was the focus of a highly unusual stir at Saturday’s closing session of the Communist Party’s twice-a-decade congress, making an unceremonious exit mid-proceedings. The departure of Mr. Hu appeared to illustrate how Mr. Xi’s supremacy has been aided by a generational shift in power. Jiang Zemin , the 96-year-old who led the Communist Party from 1989 to 2002, didn’t appear at all among the almost 2,300 delegates in the Great Hall of the People, during neither the Oct. 16 opening nor the Oct. 22 closing sessions of the party congress.

☆ 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.

HONG KONG — Chinese President Xi Jinping is set to obtain a historic third term in power as the twice-a-decade congress of his ruling Chinese Communist Party wraps up this weekend. Since Xi took power in 2012, the country's GDP has more than doubled, from $8.53 trillion to $17.73 trillion. Much of that growth was based on manufacturing, turning China into the world’s second-largest economy after the United States since 2010. The government attributes 100 million of them to Xi, who made poverty alleviation one of his signature initiatives. Last February, he proclaimed that he had eliminated extreme poverty altogether, though experts have questioned how China defines it.

☆ China’s Premier Li Keqiang dropped in leadership shuffle
▼ + stars: | 2022-10-22 | by ( Associated Press | ) www.nbcnews.com time to read: +4 min

Only Central Committee members can serve on the Standing Committee. The party congress also approved an amendment of the party constitution Saturday that could further enhance Xi Jinping’s stature as China’s leader. Xi is expected to retain the top spot when the new Standing Committee is unveiled Sunday. The roughly 2,000 delegates to the party congress — wearing blue surgical masks under China’s strict zero-Covid policy — met in the Great Hall of the People in central Beijing. President Xi Jinping, right, looks on as former Chinese President Hu Jintao, is assisted to leave the hall.

China’s Communist Party set the stage for its leader Xi Jinping to extend his rule into a second decade, nudging his rivals into retirement and positioning his loyalists for promotion into the top echelons of power. Chinese Premier Li Keqiang , the country’s No. 2-ranked leader, who has at times issued signals on economic policy that contradicted Mr. Xi’s views, was left off the party’s new 376-strong Central Committee, elected at the end of a twice-a-decade party congress in Beijing on Saturday.

☆ Hu Jintao’s Exit From China’s Party Congress Causes a Stir
▼ + stars: | 2022-10-22 | by ( James T. Areddy | ) www.wsj.com time to read: 1 min

BEIJING/HONG KONG, Oct 22 (Reuters) - China's central bank chief Yi Gang is likely to step down after he was dropped from an elite body of the ruling Communist Party, with a former central banker a leading contender to succeed him, sources close to the central bank said. Yi is among pro-reform policymakers not named on Saturday as full or alternate members of the party's new Central Committee. Also excluded were outgoing Premier Li Keqiang, 67, economic czar Liu He, 70, and central bank party chief Guo Shuqing, 66. Yin Yong, deputy party chief in the capital Beijing who worked as a deputy central bank governor from 2016 to 2018, is a leading candidate to replace Yi, sources close to the central bank said. Xuan Changneng was named deputy central bank governor on Thursday.

☆ Anti-Xi protest spreads in China and worldwide as Chinese leader begins third term
▼ + stars: | 2022-10-22 | by ( Cnn Staff | ) edition.cnn.com time to read: +17 min

Obtained by CNNCNN spoke with two Chinese citizens who scribbled protest slogans in bathroom stalls and half a dozen overseas Chinese students who put up anti-Xi posters on their campuses. Chen had tried to share the Sitong Bridge protest on WeChat, China’s super app, but it kept getting censored. But as the widespread anti-Xi posters have shown, the rising nationalistic sentiment is by no means representative of all Chinese students overseas. In the day following the protest in Beijing, Jolie saw on Instagram an outpouring of photos showing protest posters from all over the world. But the extensive censorship around the Sitong Bridge protest also betrays its paranoia.

☆ China's Premier Li Keqiang left off new party Central Committee
▼ + stars: | 2022-10-22 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Oct 22 (Reuters) - Chinese Premier Li Keqiang and three other members of the elite Politburo Standing Committee of the ruling Communist Party were excluded from the newly elected Central Committee on Saturday. More than 2,000 delegates to a once-every-five-years party congress in Beijing elected a 205-person Central Committee as well as 171 alternate members. Li Keqiang, 67, Li Zhanshu, 72, Wang Yang, 67, and Han Zheng, 68 - members of the current seven-person Standing Committee - were excluded from the new Central Committee. The Central Committee will convene behind closed doors at its first plenary session, or plenum, on Sunday to vote on the next Politburo, usually comprising 25 people, and its Standing Committee. Vice Premier Liu He, 70, China's economic czar, was also excluded from the new Central Committee.

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.

☆ Factbox: Who's in, who's out of China's new party Central Committee
▼ + stars: | 2022-10-22 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Oct 22 (Reuters) - Over 2,000 delegates to a twice-a-decade congress of China's ruling Communist Party in Beijing elected a new 205-person Central Committee on Saturday that will set the course of Chinese policymaking for the next five years. Among the newly elected members of the Central Committee, the largest of the party's top decision-making bodies, was Xi Jinping, 69, who is widely expected to be named general secretary on Sunday, securing a precedent-breaking third term as its leader. Also on Sunday, the Central Committee will vote on its next Political Bureau, or Politburo, usually comprising 25 people, and its Politburo Standing Committee (PSC), the pinnacle of power in China, helmed by Xi. Under an unofficial "seven-up, eight-down rule," PSC members who are 68 or older retire during the party congress. However, Premier Li Keqiang, although 67, was also left out.

☆ Former Chinese president Hu Jintao escorted out of party congress
▼ + stars: | 2022-10-22 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Oct 22 (Reuters) - Former Chinese President Hu Jintao, Xi Jinping's immediate predecessor, was unexpectedly escorted out of the closing ceremony of a congress of the ruling Communist Party on Saturday. According to videos taken by some journalists at the venue and shared on social media, Hu appeared confused as the stewards escorted him out. Register now for FREE unlimited access to Reuters.com RegisterOn his way out, Hu exchanged words with Xi and patted Premier Li Keqiang, seated to the right of Xi, on the shoulder. Hu had appeared slightly unsteady last Sunday when he was assisted onto the same stage for the opening ceremony of the congress. Register now for FREE unlimited access to Reuters.com RegisterReporting by Eduardo Baptista and Ryan Woo; Editing by Robert Birsel and Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

☆ Live broadcast shows former Chinese president being abruptly escorted out of the Communist Party Congress closing ceremony
▼ + stars: | 2022-10-22 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +2 min

Former Chinese President Hu Jintao was abruptly escorted out of China's Party Congress's closing ceremony. Hu was sitting next to President Xi Jinping on Saturday before he was removed. Footage shows ushers trying to lift Hu out of his seat before leading him out of the Great Hall of the People. It is unclear why he was involuntarily removed from the Party Congress closing ceremony, which takes place in Beijing every five years. Most of the closing ceremony took place behind closed doors, but cameras and reporters were allowed in for the final portion.

☆ Yuan falls to lowest since 2008 global crisis, despite state bank support
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Oct 21 (Reuters) - China's yuan fell on Friday to its weakest level against the dollar since the global financial crisis of 2008, despite attempts by major state-owned banks to stabilise the market. Sources told Reuters that state banks sold dollars in the onshore foreign exchange market to prevent the spot price from weakening past the 7.25 per dollar level. State banks usually trade on behalf of the central bank in China's foreign exchange market, but they can also trade for their own purposes or execute orders for corporate clients. Register now for FREE unlimited access to Reuters.com RegisterStill, the onshore yuan finished the domestic trading session down 0.46% on the day at 7.2494 per dollar, the weakest such close since Jan. 14, 2008. The offshore yuan , which trades more freely to reflect market expectations, was trading at 7.2721 per dollar around 0830 GMT.

☆ Factbox: FACTBOX How China's Communist Party Congress works
▼ + stars: | 2022-10-21 | by ( Yew Lun Tian | ) www.reuters.com time to read: +5 min

A day after the congress, the newly elected Central Committee will convene behind closed doors at its first plenum. The 200 Central Committee members with voting rights will then vote "yes" or "no" on each of the proposed candidates for the two committees. The Central Committee will then elect one person from the Politburo Standing Committee (PSC) to be the general secretary. The general secretary will then introduce his new team and speak about the work ahead. The Central Committee also approves the make-up of a new secretariat and the Central Commission for Discipline Inspection.

☆ China property stocks rise after easing of share financing rules
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Aly SongSHANGHAI, Oct 21 (Reuters) - China's property shares jumped on Friday after state media said authorities will ease share financing rules for certain real estate-related firms, fuelling hopes of more measures to aid the struggling sector. The China Securities Regulatory Commission (CSRC) will allow certain companies with small property interests to raise money by selling A-shares, but the proceeds cannot be invested in the real estate business, China Securities Journal reported. For eligible companies, real estate must not be their core business, and should not contribute more than 10% of their profit, according to the article. Register now for FREE unlimited access to Reuters.com RegisterChina has barred its property firms or property-related firms from financing via the domestic A-share market since end-2018, including both IPOs and additional or follow-up share sales. "The move aims to better support real financing for firms and stabilise the broader economy," said Liu Shui, an analyst at China Index Academy.

A couple walk with Hermes shopping bags as they leave an Hermes store in Paris March 21, 2013. Hermes (HRMS.PA) and Pernod Ricard (PERP.PA) both said they will continue to raise prices, after beating expectations in the July-September quarter. Mainland China also saw a strong rebound after COVID-19 restrictions were lifted, although some restrictions have since been reimposed. PRICE RISESThe world's biggest luxury group LVMH (LVMH.PA) last week kicked off the earnings season with forecast-beating sales -- and no signs of a let-up in demand. The results from Pernod and Hermes bode well for beauty giant L'Oreal (OREP.PA) and Gucci-owner Kering (PRTP.PA), which both report results later on Thursday.

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