{"id":1709624,"date":"2022-10-25T06:00:09","date_gmt":"2022-10-25T10:00:09","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1709624"},"modified":"2022-10-25T06:05:26","modified_gmt":"2022-10-25T10:05:26","slug":"chinese-markets-fall-as-xi-stacks-ccp-with-loyalists","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/chinese-markets-fall-as-xi-stacks-ccp-with-loyalists\/","title":{"rendered":"Chinese Markets Fall as Xi Stacks CCP With Loyalists"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fchinese-markets-fall-as-xi-stacks-ccp-with-loyalists%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1709624&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><em>News Analysis<\/em><\/p>\n<p>News that Chinese communist leader <a href=\"https:\/\/www.theepochtimes.com\/t-xi\">Xi<\/a> Jinping would assume a third term in power sent <a href=\"https:\/\/www.theepochtimes.com\/t-markets-2\">markets<\/a> into a dive on Oct. 24, marking a broader pessimism that the leader\u2019s policies will have negative consequences for the global <a href=\"https:\/\/www.theepochtimes.com\/t-economy\">economy<\/a>.<\/p>\n<p>Investors in the Chinese market <a href=\"https:\/\/www.reuters.com\/breakingviews\/xi-jinpings-third-term-gets-markets-thumbs-down-2022-10-24\/\">wiped<\/a> nearly 10 percent off the value of internet giants Alibaba and JD.com and 7 percent off Tencent.<\/p>\n<p>Hong Kong\u2019s benchmark Hang Seng Index fell by more than 4.5 percent, and a sub-index of Chinese internet giants listed in Hong Kong and Shanghai tracked a 2 percent fall as foreign investors sold more than $1.3 billion in Chinese shares.<\/p>\n<p>The economic fallout has brought the value of China\u2019s yuan and stock market to the lowest levels seen since the 2008 financial crash in Hong Kong.<\/p>\n<p>The market turmoil comes just one day into Xi\u2019s <a href=\"https:\/\/www.theepochtimes.com\/xi-jinping-secures-another-5-year-term-as-ccp-leader_4814646.html\">precedent-breaking third term<\/a> as head of the Chinese Communist Party (<a href=\"https:\/\/www.theepochtimes.com\/t-ccp\">CCP<\/a>). It suggests that the private sector was blindsided by his overhaul of the Party\u2019s Politburo Standing Committee, the regime\u2019s highest decision-making body.<\/p>\n<p>There have been numerous warning signs that the Chinese economy is becoming increasingly fragile under his rule, including weakening exports, decreasing demand for Chinese goods, and a crashing housing market, all of which have been exacerbated by his constant lockdowns of major cities due to COVID-19.<\/p>\n<p>However, the trigger for the rapid market fall this week appears to be Xi\u2019s unexpected move to further appoint authoritarian-minded loyalists to positions of power, raising fears that there will be no balance of powers within the CCP.<\/p>\n<p>Contrary to hopes that he would at least make a nod to balancing factional powers within the Party, reform-minded Premier Li Keqiang and Vice Premier Wang Yang lost their seats at the seven-men Politburo.<\/p>\n<p>Xi filled those seats with his own prot\u00e9g\u00e9s, including Beijing Party chief Cai Qi and Shanghai Party chief Li Qiang. The latter had ordered weeks of COVID-19 lockdowns earlier this year in the Chinese financial hub, despite their devastating impact on the economy. He\u2019s now tipped to become China\u2019s next premier.<\/p>\n<p>The selloff reflects investors\u2019 fears that Xi\u2019s centralization of power within the CCP will prioritize the state at the cost of the private sector and that the regime\u2019s authoritarian practices will ultimately harm the Chinese economy in the long term.<\/p>\n<p><em>Reuters contributed to this report.<\/em><\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-andrew-thornebrooke\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/Freelancer.jpeg\" alt=\"Andrew Thornebrooke\" \/><\/a><\/p>\n<p>Follow<\/p>\n<\/div>\n<p>Andrew Thornebrooke is a reporter for The Epoch Times covering China-related issues with a focus on defense, military affairs, and national security. He holds a master&#8217;s in military history from Norwich University.<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>News AnalysisNews that Chinese communist leader Xi Jinping would assume a third term in power sent markets into a dive on Oct. 24, marking a broader pessimism that the leader\u2019s<\/p>\n","protected":false},"author":1,"featured_media":1695383,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1709624","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1709624","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1709624"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1709624\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1695383"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1709624"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1709624"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1709624"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}