Latest news with #CPPCC
South China Morning Post
4 days ago
- Business
- South China Morning Post
China's Zou Jiayi, a former finance official, elected AIIB president
Former vice-minister of finance Zou Jiayi has been elected president of the Asian Infrastructure Investment Bank (AIIB), leading the lender and its US$100 billion in capital through a decisive moment for globalisation and development finance. The decision was announced at the Beijing-based bank's annual meeting on Tuesday, held with representatives of its 110 member states and other stakeholders at its headquarters to celebrate its 10th anniversary. Zou, 62, will serve a five-year term which begins January 16. She will replace Jin Liqun, the inaugural president who shepherded the bank from conception to active operations over two terms, building it into a major multilateral development institution. 'I am humbled and honoured by the trust that AIIB members have placed in me,' the president-elect said in a press release. 'The bank's strategy is clear and on track, and there is so much more we can achieve in the years to come.' Zou, nominated as China's candidate at the end of March, is currently deputy secretary general of the Chinese People's Political Consultative Conference, the country's top political advisory body. She is also one of the few female members of the ruling Communist Party's powerful Central Committee. 'She has a wealth of experience in promoting China's international cooperation and dialogue in the financial sector, which could prove valuable in her new role,' said Zhao Xijun, a finance professor at Renmin University in Beijing.
Nikkei Asia
4 days ago
- Business
- Nikkei Asia
AIIB names Chinese Communist Party Central Committee member as president
Finance Zou Jiayi takes over Beijing-based lender from internationalist Jin Liqun Zou Jiayi, a member of the Chinese Communist Party Central Committee and a deputy secretary-general of the Chinese People's Political Consultative Conference, or CPPCC, was chosen as the next president of the AIIB. © Reuters KENJI KAWASE TOKYO -- The Asian Infrastructure Investment Bank, a multilateral development lender established under the initiative of China, selected Zou Jiayi as its new president at its annual meeting in Beijing on Tuesday. Zou, who was nominated by the Chinese government, is currently a member of the Chinese Communist Party Central Committee, and a deputy secretary-general of the Chinese People's Political Consultative Conference, or CPPCC, the country's top political advisory body.
Forbes
5 days ago
- Business
- Forbes
China Market Update: It's The End Of The World, Hong Kong & Chinese Stocks Feel Fine
CLN Asian equities declined following the US attack on Iranian nuclear facilities, the threat of a potential counterattack, and concerns over Middle East oil transportation out of the Persian Gulf (hence the REM song reference in today's title). Despite the strength of the US dollar, Hong Kong, Mainland China, and Malaysia outperformed. A key factor in the resilience of Hong Kong and Mainland China was the start of the 12th two-and-a-half-day meeting of the 14th Standing Committee of the National Committee of the Chinese People's Political Consultative Conference (CPPCC). Try saying that five times fast! The meeting, attended by the upper echelons of China's government, will discuss 'further deepening economic system reform and promoting China-style modernization,' with topics including 'deepening economic system reform and promoting China's modernization,' 'promoting fertility support,' and 'promoting artificial intelligence.' Policy expectations are light, though I suspect last year's meeting set in motion the September announcements by the People's Bank of China (PBOC) and Politburo regarding real estate policy. It was hard not to notice that consumer-focused Hong Kong stocks and sub-sectors, such as automobiles, electric vehicles (EVs), hybrids, travel, hotels, and restaurants, performed well. Alibaba declined 0.81% despite integrating its online travel platform, Fliggy, and restaurant delivery service, into its core E-Commerce business, driven by strong orders. Alibaba's weakness may also have been influenced by Meituan's 2.18% gain after the company announced an expansion of its 'instant retail business,' leveraging its massive restaurant delivery network and further overseas expansion in Saudi Arabia. Another factor was the Hong Kong relisting initial public offering (IPO) of Mainland-listed Zhejiang Sanhua Intelligent Controls. While more supply in the market requires capital from somewhere, it was interesting that the IPO was down despite being heavily oversubscribed: 747 times by retail investors and 23 times by institutional investors. Premier Li signed a State Council order requiring internet platforms to submit tax-related information, but this does not appear problematic, as it focuses on tax reporting by the companies themselves. The Wall Street Journal published a nonsensical article on Wall Street's lost love affair with US listings of Chinese companies. Meanwhile, Southbound Stock Connect saw strong inflows, with Mainland investors net buying $1.005 billion. Hong Kong- and Mainland-listed semiconductor stocks had a strong day following Friday's Wall Street Journal article reporting that the US will pressure ASML and Taiwan Semiconductor Manufacturing Company (TSMC) to stop producing in China. Mega-cap banks also performed well, as the exchange-traded funds (ETFs) favored by the National Team saw strong volumes. Beverages and food stocks were down, with Kweichow Moutai off 0.61%. I thoroughly enjoyed listening to the Dwarkesh Podcast interview with Arthur Kroeber of Gavekal Dragonomics. You'll learn more about China from listening to that two-and-a-half-hour episode than from a lifetime of reading about China in the Western media. I don't agree with everything, but on the big picture, I found it very insightful and aligned with my own thinking. I also enjoyed the BG2 Podcast, hosted by Altimeter's founder and CEO Brad Gerstner and Benchmark's former general partner Bill Gurley, interviewing Coatue's Laffont brothers on artificial intelligence (AI), public and venture capital markets, macroeconomics, US debt, crypto, IPOs, and more. Coatue hosted its 2024 East Meets West Conference last week, focusing on AI. The investment firm generously provides its deck for free on its website, which I recommend checking out. Yes, I had a long weekend watching my kids' sports. New Content Read our latest article: Navigating Global Crosswinds: Carbon Markets Respond to Tariff Tactics and Executive Orders Please click here to read Chart1 Chart2 Chart3 Chart4 Chart5 Chart6
South China Morning Post
15-06-2025
- Politics
- South China Morning Post
Beijing's top Taiwan official warns independence forces will bring ‘disaster' to island
Mainland China's top official on Taiwan affairs has called on both sides of the Taiwan Strait to oppose 'Taiwan independence and external interference' and promote closer integration. Advertisement 'Taiwan independence forces and their activities undermine national sovereignty and territorial integrity, disrupt peace and stability in our homeland, and incite confrontation and division among compatriots,' said Wang Huning , the fourth-ranking official of China's ruling Communist Party. He made the comments at the opening ceremony of the annual Straits Forum in Xiamen, Fujian province on Sunday. 'They will only bring disaster to the people of Taiwan,' added Wang, who is also chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), China's top advisory body Wang described cross-Strait relations, as well as the current international situation, as 'complex and severe'. Fujian provincial party chief Zhou Zuyi vowed to optimise the business environment for Taiwanese companies and adopt policies to promote integrated development, 'making new contributions to the great cause of national reunification'. Advertisement
South China Morning Post
13-06-2025
- Health
- South China Morning Post
Anti-smoking stand of tobacco tycoon lives on in Hong Kong
It is not that unusual for well-known people to become public anti-smoking converts after being diagnosed with diseases related to tobacco use. An example was tycoon Charles Ho Tsu-kwok, who died this week aged 75, months after revealing he had lung cancer. Ho was involved in national and local affairs as a standing committee member of China's top political advisory body, the Chinese People's Political Consultative Conference (CPPCC), and as a former owner of Sing Tao News Corporation. But what really set him apart as the anti-smoker he became was that he inherited a tobacco empire from his grandfather, Ho Ying-chie, founder of the Hong Kong Tobacco Company. Indeed, Ho was until late in life a staunch advocate of smokers' rights in the face of incontrovertible evidence of the deadly health risks. He once said 'one has freedom in deciding whether to smoke' and that death was a 'personal matter'. The public switch to anti-smoker and the admission he had changed his mind was not out of character for someone with strong views. Former chief executive and CPPCC vice-chairman Leung Chun-ying can attest to that. Known for his outspoken comments on politics, Ho attacked Leung during the chief executive race in 2012, questioning his ability to govern, which prompted Leung to accuse Sing Tao News Corp of running a smear campaign. But Leung said the pair got along afterwards, with the tycoon being a frequent guest at Government House and a source of interesting insights. The public reconciliation of Ho with anti-smoking health minister Lo Chung-mau, whom he once described as 'like a drone, monitoring the whereabouts of smokers', was more personal. It came after his cancer diagnosis. The pair appeared on television urging viewers to quit smoking. Ho said the strain of chemotherapy and radiotherapy had caused him to change his mind, and he thanked Lo for his campaigns on the issue. Lo said Ho had bravely shared his experience with the public, raising awareness of the dangers of smoking. Chief Executive John Lee Ka-chiu paid tribute to the contributions of Ho to the media, national affairs and the city's development. But it is the anti-smoking message of a tobacco tycoon that may make the biggest difference.
