President Xi puts China in crisis mode, even as his continuing rule is secure - The Straits Times

BEIJING - In President Xi Jinping's political report at the opening of the 20th national congress of the Communist Party of China (CPC), there was no dearth of justification for him to secure a rare third five-year term.

Mr Xi had no qualms about patting himself and the party on the back for a job well done in the past 10 years of his rule - from the economy to the environment, from battling Covid-19 to corruption, from modernising the military to sinicising Marxism, and from poverty to prosperity, albeit moderate.

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2022-10-16 16:40:19Z
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China's plan to tackle social inequality sees fresh push, despite early shocks - CNA

The swift crackdowns on businesses sparked concern among investors as it wiped out some industries, while driving high-net-worth individuals to park their assets abroad. 

CRIPPLING INDUSTRIES

A ban on after-school tutoring, for instance, effectively crippled the US$100 billion industry, as part of China’s double-reduction education reform to reduce students’ stress from schoolwork and extra classes outside. 

Career development advisor Chen Duanfa said the policy’s sudden introduction forced many tutors to turn elsewhere for stability.

In the past year, he has seen a surge in queries from private tutors looking to work in international schools. 
  
“Some teachers may consider how they have work experience in large tutoring companies, like New Oriental Education and Technology, and are thinking of how they can get a job in an international school,” said the 36-year-old, who works for an international school in Hangzhou and runs a WeChat account offering career advice to over 9,600 followers. 

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2022-10-14 22:23:41Z
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Potential shake-up in Xi Jinping's leadership team at China's 20th Communist Party Congress - CNA

The role is especially important as China faces economic headwinds with an ailing property sector and fallout from its zero-COVID policy.

Analysts said that frontrunners for the role are typically among those who have experience as vice premier.

POSSIBLE CONTENDERS FOR PREMIER

If age is not a factor, experts suggest that 70-year-old Vice Premier Liu He, who has led trade negotiations with the US and is a close confidante of Mr Xi, could be a contender.

Executive Vice Premier Han Zheng, 68, could be another pick if he does not retire.

Wang Yang, 67, chairman of political advisory body the Chinese People's Political Consultative Conference (CPPCC) and ranked fourth on the Standing Committee, is also expected to be in the running.

Vice Premier Hu Chunhua, the youngest member of the Politburo at 59, also appears to be a potential candidate, according to analysts. Despite coming from a rival faction – the Communist Party Youth League – the former Guangdong party secretary rose through the ranks and spearheaded Mr Xi’s poverty alleviation programme.

“Inside the Communist Party, factions have always been existing, and I don't think they will vanish in a short time,” said Dr Chen Gang, an assistant director of the East Asian Institute at the National University of Singapore.

“Because they have organisational support and interest support, they represent different systems, different regions, and different kinds of thinking ideology inside the party.”

However, Mr Chen said that as Mr Xi further consolidates his power and enters his third term, no faction is really tied to him anymore and therefore “they will all show their loyalty”.

The remaining vacancies on the Standing Committee are likely to go to rising stars who enjoy close ties with Mr Xi.

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2022-10-14 22:12:00Z
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Hong Kong Eyes Property Tax Cut, Visa Moves to Reverse Covid Brain Drain - Bloomberg

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1. Hong Kong Eyes Property Tax Cut, Visa Moves to Reverse Covid Brain Drain  Bloomberg
2. Hong Kong property sales tumbling to three-decade lows: analysts  Nikkei Asia
3. Hong Kong tries to stop brain drain  Bangkok Post
4. Hong Kong Property Stocks Jump on Potential Tax Cut Report  Bloomberg
5. Goldman precedent hints at further cuts and zero bonuses in Hong Kong  eFinancialCareers
6. View Full coverage on Google News

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2022-10-13 09:44:52Z
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Hong Kong Eyes Property Tax Cut, Visa Moves to Reverse Covid Brain Drain - Bloomberg

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1. Hong Kong Eyes Property Tax Cut, Visa Moves to Reverse Covid Brain Drain  Bloomberg
2. Hong Kong property sales tumbling to three-decade lows: analysts  Nikkei Asia
3. Goldman precedent hints at further cuts and zero bonuses in Hong Kong  eFinancialCareers
4. Hong Kong's Planned Property Tax Cut May Stabilize Ailing Market  Bloomberg
5. Hong Kong property sales tumble to three-decade lows  Free Malaysia Today
6. View Full coverage on Google News

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2022-10-13 05:47:00Z
1587392599

China's Pain From Deflating Housing Bubble Will Linger for Years - Bloomberg

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1. China's Pain From Deflating Housing Bubble Will Linger for Years  Bloomberg
2. China's bursting housing bubble will rock the economy for years  The Straits Times
3. Only way is down for China’s home prices as confidence vanishes, says survey  South China Morning Post
4. Cities issue vouchers for homebuyers to boost housing sales in Q4  Global Times
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2022-10-13 03:01:00Z
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Saudi Arabia rejects statements critical of OPEC+ oil cut - CNBC

A general view of a Total Oil refinery in Antwerp, Belgium on 21 April 2020.

Jonathan Raa | Nurphoto | Getty Images

Saudi Arabia rejected as "not based on facts" statements criticizing the kingdom after an OPEC+ decision last week to cut its oil production target despite U.S. objections.

The OPEC+ decision was unanimous and took into account the balance of supply and demand and was aimed at curbing market volatility, the Saudi foreign ministry said in a statement on Thursday.

President Joe Biden pledged earlier this week that "there will be consequences" for U.S. relations with Saudi Arabia after OPEC+ said last week it would cut its oil production target by 2 million barrels per day.

OPEC+, the producer group comprising the Organization of the Petroleum Exporting Countries (OPEC) plus allies including Russia, announced its new production target after weeks of lobbying by U.S. officials against such a move.

The United States accused Saudi Arabia of kowtowing to Moscow, which objects to a Western cap on the price of Russian oil in response to its invasion of Ukraine.

The Saudi foreign ministry statement, quoting an unnamed official, stressed the "purely economic context" of the oil cut.

"The Kingdom clarified through its continuous consultations with the U.S. administration that all economic analyses indicate that postponing the OPEC+ decision for a month, according to what has been suggested would have had negative economic consequences," it said.

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2022-10-13 00:50:00Z
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