By Peter McLaren-Kennedy • 24 October 2022 • 12:27
Image of Xi Jinping
Credit: Kaliva / Shutterstock.com
On Monday, October 24, his first day back in the role, has seen Chinese financial markets in turmoil over concerns that the country will turn away from its more market-led approach to the economy.
It also confirms military analysts’ fears that China will make more strident moves towards reuniting Taiwan with the country.
The tumbling of the value of stocks follows disappointing economic data that shows growth in the country has slowed considerably, partly due to it zero-tolerance policy towards COVID-19. The slowdown is also partly attributable to the move by developed nations to rebuild their strategic industries following shortages of key components from China.
Problems within the property sector also weigh heavily in the Chinese economy, which along with slow international growth have added to the fears of investors.
Foreign investors have according to Reuters offloaded more than $1.3 billion worth of Chinese shares.
Xi removed a number of reform-minded politicians from key posts replacing them with his protégés, further confirming fears of a shift in policies towards a more centralist approach.
The recent statements by China’s premier towards the development of a new world order and threats to retake Taiwan has added to worldwide concern as Xi Jinping’s secures an unprecedented third term.
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Originally from South Africa, Peter is based on the Costa Blanca and is a web reporter for the Euro Weekly News covering international and Spanish national news.
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