The Communist Party of China unveiled on Sunday its new leadership for the next five years with Xi Jinping as the general secretary of the party. China’s economy grew 3.9% in the third quarter with strong growth in mining and manufacturing while exports rose 5.7% in September, slower than the previous month, according to official data.
Concerns over slowing demands in the US are growing, according to the latest Beige Book by the Fed. And EU leaders were unable to reach a consensus on gas price caps at last week’s energy crisis summit. Rishi Sunak became Britain’s prime minister on Tuesday, pledging to lead the country out of a profound economic crisis and unite the country.
The IFF continues to bring you the latest China news and global development.
IFF Co-chairman Han Seung-soo elected Chairperson of UNCPGA
Dr.Han Seung-soo, Co-chairman of the International Finance Forum (IFF) and former Prime Minister of the Republic of Korea, was elected the Chairperson of the Council of Presidents of the UN General Assembly (UNCPGA) on October 20, 2022. He will be serving a three-year term, according to the UN.
The new leadership was elected at the UNCPGA’s annual meeting at the UN’s headquarters in New York. The UNCPGA, with all living former presidents of the UN General Assembly (UNGA) as its members, is the highest forum for former UN leaders. Dr. Han served as the 56th president of the UN General Assembly from 2001 to 2002.
Experts discuss cross-border funds and tax systems at IFF Greater Bay Seminar
Experts discussed cross-border funds management and tax policies at the 5th IFF Greater Bay Area Seminar in Nansha district of Guangzhou on Thursday.
Xiong Xiaonian, partner of PwC’s tax services and Wang Juan, partner of PwC’s funds and audit services in China gave keynote speeches on tax systems and funds management in the Greater Bay Area during the meeting.
Deng Xiaoyun, deputy secretary of the Guangdong Financial Supervisory Authority, said that the Guangzhou government will be working with authorities in Hong Kong and Macau to cultivate cross-border funds management entities while Lin Shaoli, chief economist of the Management Committee of the Nanshan Development Zone, talked about the measures local government is taking to promote cross-border funds management.
Zhu Jin and Chen Qin, deputy secretaries of the Financial Supervisory Authority of Nansha District, Deng Ziping from Nansha Tax Bureau, Lu Jun, president of Yuexiu Institute of Finance and counsellor to the Guangdong government also joined the discussion.
It’s the 5th Greater Bay Area Seminar initiated by the IFF, which discusses the latest development of the Greater Bay Area.
The Guangdong-Hong Kong-Macau Greater Bay Area (Greater Bay Area) comprises Hong Kong, Macau as well as nine municipalities including Guangzhou, Shenzhen and Dongguan in Guangdong province. The Area’s GDP totaled $1.67 trillion in 2020. The development plan of the Greater Bay Area came into fruition in 2017.
China’s Communist Party unveils new top leadership
The Communist Party of China unveiled on Sunday its new top leadership for the next five years with Xi Jinping as the general secretary of the party, according to Xinhua.
The other six members of the Standing Committee of the Political Bureau, the party’s top leadership, include Li Qiang, Zhao Leji, Wang Huning, Cai Qi, Ding Xuexiang and Li Xi.
The 20th Congress of CPC closed on Saturday which elected the 20th Central Committee of the CPC.
Xi, speaking to journalists at the Great Hall of the People on Sunday, said China is now taking confident strides on a new journey to turn China into a modern socialist country in all aspects.
China’s economy rebounds in Q3
China’s economy rebounded in the third quarter, data from the National Bureau of Statistics showed on Monday.
China’s gross domestic product (GDP) grew 3.9% in the third quarter from a year earlier.
China’s economy grew by 3% in the first three quarters of the year.
Mining and manufacturing drove the economic growth in the first three quarters, which grew 8.5% and 3.2% respectively.
In separate data released by the NBS, fixed investment in the first nine months grew 5.9% from last year.
China’s new home prices fall in September
Prices of new homes in China fell in September, data by the National Bureau of Statistics showed on Monday.
Out of the 70 cities surveyed by the NBS, 54 saw new home prices drop in September, up from 50 in August while 61 saw existing home prices drop.
Prices of new homes in tier-one cities dropped 0.1% and declined 0.2% in second-tier cities from last month.
Investment in the property sector dropped 8% in the first nine months of the year from the same period last year, separate data from the NBS showed.
Property sales by floor area dropped 22.2% in the first three quarters of the year.
China’s exports rise 5.7% in September, imports up 0.3%
China’s exports in US dollar terms rose 5.7% from a year earlier in September, down from August’s 7%, data from the General Administration of Customs showed on Monday.
China’s imports grew 0.3% over a year earlier, unchanged from August.
China’s lending benchmarks remain unchanged in October
China’s one-year loan prime rate (LPR) stayed at 3.65% on Thursday, unchanged from the previous month.
The five-year LPR remained at 4.3%, according to data from the People’s Bank of China.
China to promote foreign investment in manufacturing
China will promote foreign investment in manufacturing industries, according to a statement by the country’s top economic planning body on Tuesday.
China will encourage foreign investment in high-tech manufacturing and foreign companies to set up research and development centres in China, according to a statement on the website of the National Development and Reform Commission (NDRC).
The country will strengthen financial support for foreign enterprises including allowing eligible foreign companies to raise funds on China’s stock markets, the statement said.
China’s digital currency spending exceeds 100 bln yuan
Transactions using China’s digital yuan surpassed 100 billion yuan by the end of August, according to a statement by China’s central bank.
The People’s Bank of China chose 10 financial institutions in 15 provinces and municipalities as pilot areas for digital yuan transactions.
The spending involved 360 million transactions and more than 5.6 million businesses could accept payment with digital yuan.
ESG bonds to take up 35% of Asia bond market in 2023
Environmental, social and governance (ESG) bonds issuance in Asia excluding Japan will account for 35% to 40% of the total bond market in 2023, according to an estimate from JPMorgan.
ESG bonds currently make up 28.2% of total bond issuance in Asia excluding Japan.
ESG bonds totalled $49.4 billion by October 17 and the bank estimated that total issuance could reach $70 billion by the end of 2022, Singaporean media the Edge reported.
US businesses grow more pessimistic about outlook, Fed
The US economy grew modestly recently but growth in some regions remained flat and declined in two others while US businesses grow more pessimistic about the outlook as concerns about weakening demands grow.
The labour market continued to rise at a modest to moderate pace while prices keeps growing fast according to the Fed’s Beige Book.
The Beige Book is a Federal Reserve System publication about current economic conditions across the 12 Federal Reserve Districts. It characterizes regional economic conditions and prospects based on a variety of mostly qualitative information, gathered directly from each District’s sources. Reports are published eight times per year.
EU leaders divided on gas price cap at energy crisis summit
European Union leaders failed to reach an agreement on whether to cap gas prices at the energy crisis summit.
Talking well into the early hours of Friday morning, EU leaders agreed to keep examining options to tackle the energy crisis.
They backed proposals made by European Commission earlier this week, the Associated Press reported.
French President accuses US of trade double standard, Bloomberg
French President Emmanuel Macron accused the US of creating a double standard for selling natural gas to Europe at record prices while keeping lower energy prices domestically at a news conference in Brussels on Friday.
“In addition they allow state aid going to up to 80% on some sectors while it’s banned here - you get a double standard,” Macron told journalists.
Macron also said the US and Norway are making “the real superprofits” from “geopolitical war unearned income”.
UK’s new PM vows to fight economic woes
Rishi Sunak became Britain’s prime minister on Tuesday, pledging to lead the country out of a profound economic crisis and unite the country.
Sunak reappointed Jeremy Hunt as Chancellor of the Exchequer.
Sunak is Britain’s youngest primer minister and the first person of colour to lead the country.
