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The Exchange - October 28, 2022

2022-10-28
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  • CPC Concludes Its 20th National Congress | The Communist Party of China (CPC) concluded its 20th National Party Congress on Saturday, unveiling new core members of the Party and adopting an amendment to its Constitution. On the following day, Politburo chose seven people to sit on its Standing Committee, and Xi Jinping, who is one of the seven, was reappointed as the party leader. The meetings last week were seen as the most important political event for China in recent years.
  • China Releases Third-Quarter GDP Data | China’s economy grew 3.9% in the third quarter on a year-over-year basis, and the country is bound to miss its goal of 5.5% annual GDP growth. The data, released soon after the CPC National Congress, was followed by a sell-off of China-related stocks and a dip in the yuan. The currency and stocks, although rebounded later, remain weak. People are looking to the new top leadership to rebuild investor confidence and energize its economy.
  • U.S. Charges Chinese Intelligence Officers | The U.S. Justice Department has charged 13 people on three separate cases of plotting to advance Chinese interests in the U.S. Among those charged are two suspected Chinese intelligence officers who have been charged with attempting to obstruct the prosecution of global telecommunications company Huawei. Observers say this is one of many examples of the U.S. government working to combat China from stealing American intelligence and technology.

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