|President Xi Jinping (wenming.cn)|
The Chinese Communist Party (CCP) held the first plenary session of the Central Committee on October 23rd and finished the constitution of leadership that will lead the party for the next five years until 2027. Chinese leader Xi Jinping holds the most powerful positions in China: general secretary of the CCP, chairman of the nation’s armed forces, and president. President Xi will confirm his third consecutive term at the National People’s Congress in March of next year. However, the value of luxury homes in Shanghai dropped by 30 to 40% the day after he affirmed his third successive term. Due to the concerns of President Xi’s dictatorship, the rich in China decided to sell their assets and started a “China Run” (a compound word for “China” and “bank run”). On October 24th, the amount of foreign money removed from the Chinese stock market peaked at $2.5 billion. This demonstrates how uneasy Chinese citizens are about their country’s economy and how worried they are about tightening sanctions on the wealthy. Furthermore, worries that the lockdown over Shanghai will be tightened spread, especially since President Xi’s loyalist Li Qiang is expected to be appointed prime minister. In addition, it is predicted that the wealthy’s de-China phenomenon will continue for some time because Taiwanese businesspeople are selling their hotels and restaurants out of concern that such conflicts will harm them.
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