Xi Jinping’s re-election for a new term collapsed the Chinese market
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The re-election of Xi Jinping for a third term as General Secretary of the Chinese Communist Party (CCP) led to a collapse in Chinese companies listed on the Hong Kong Stock Exchange (Hang Seng China Enterprises Index).
On October 24, the index fell by 7.3 percent, while earlier the collapse reached 8.1 percent. According to Bloomberg, this is the most serious decline following the results of the Congress of the Chinese Communist Party in the history of the index.
Xi Jinping was re-elected for a third term on April 23, even though CCP leaders have served no more than two consecutive five-year terms for the past 40 years.
The CCP congress turned into an incident when former party secretary general Hu Jintao, who was replaced by Xi Jinping in 2012, was escorted out of the meeting room.
Also during the congress, a new composition of the Standing Committee of the Politburo of the CPC Central Committee was approved. Four new members were included in it (in total, the body includes seven people).
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