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China’s Xi to cement authority, legacy in Communist Party resolution

By Yew Lun Tian and Gabriel Crossley

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China's Xi to cement authority, legacy in Communist Party resolution
© Reuters. A screen displays a CCTV state media news broadcast showing Chinese President Xi Jinping addressing world leaders at the G20 meeting in Rome via video link at a shopping mall in Beijing, China, October 31, 2021. REUTERS/Thomas Peter

By Yew Lun Tian and Gabriel Crossley

BEIJING (Reuters) – Chinese President Xi Jinping is expected to push through an historical resolution at a key Communist Party gathering next week, cementing his authority and legacy and strengthening his case for a precedent-breaking third term starting next year.

A resolution on the “important achievements and historical experiences of the party’s 100 years of struggle” will be discussed and almost certainly ratified by the ruling Communist Party’s 300-plus member Central Committee when it meets Nov 8-11 for the sixth and penultimate plenum of its five-year term.

“This resolution is a further move by Xi to consolidate power and lay the groundwork for a third term,” said Yang Chaohui, who lectures on political science at Peking University.

The so-called “historical resolution”, the text of which has not been released, will be only the third, with the previous two put forth during the tenures of Mao Zedong and Deng Xiaoping.

While Mao and Deng used such resolutions for the party to reflect on past missteps and criticise members who had taken the wrong path, analysts expect this one to extol the successes of Xi’s era, building consensus that his is the right path forward for the party and the country.

It will be all about “praise and self-praise”, Deng Yuwen, a former editor of the Communist Party school newspaper who became a party critic and is now based in the United States, wrote on Yibao, a website dedicated to advancing democracy in China.

Xi has established himself as the most powerful Chinese leader since Mao, doing away with the two-term limit, and is widely expected to be confirmed for a third five-year term next fall when the Central Committee convenes for the 20th Party Congress and elects a new leadership team.

As a prelude to the resolution, the party’s propaganda department issued a document in August detailing the party’s “historical missions and contributions” in the century since its founding, heavily focused on the governance practices of Xi’s tenure.

The Communist Party’s publicity department did not immediately respond to a request for comment.

“The purpose of the resolution is to cement Xi’s new approach – and close the door on Deng’s reform era,” said Trey McArver, a partner at Beijing-based consultant firm Trivium.

“This means doubling down on China’s one-party political system, rejiggering the economy to a more high-quality and inclusive growth model, and being more assertive in global affairs,” he added.

XI’S WAY

The first “historical resolution” was passed in 1945 – four years before the People’s Republic’s founding – and was used by Mao to condemn rivals with dissenting views, setting the stage for him to become paramount leader.

The second, in 1981 under Deng, closed the chapter on the turbulent Cultural Revolution, adjudged Mao’s leadership to have been “70 percent right and 30 percent wrong”, made capitalism ideologically acceptable, and laid the groundwork for “reform and opening up”.

Since then, China has been transformed, becoming far more globally integrated and assertive, wealthier, and unequal.

The party’s governance style has also shifted.

Deng and his next two successors believed the party must give the government, economy and society space to grow organically. Xi famously said in 2017: “east, west, south, north, centre – the party leads all”.

“While every leader from Mao has always upheld the one-party rule, their notions of how best to govern had been very different,” said Yang.

“Although the upcoming resolution is in name about the success of the party over the past 100 years, it will ultimately conclude that the current way, Xi’s way, is the right way”.

Economy

RCB Bank Cyprus latest news: Bank will stop providing banking services to its clients from October 8

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rcb bank cyprus latest news

RCB Bank Cyprus latest news: As of October 8, the bank will cease to provide banking services to its customers. The bank has warned its customers that within two months it will close their accounts. The last day of banking services – October 7, 2022.

In March, RCB Bank, which had close ties with clients from Russia, said it would give up its banking license and transform itself into a management company. In an agreement with the ECB, it stopped attracting new clients.

RCB Bank news today

The bank was planning to negotiate with clients whose liabilities mature after June 2022 about the terms of early repayment with payment of the full amount of the deposit and interest for the period during which the amount was held by the bank.

After all liabilities were fully repaid, RCB planned to transform itself into an asset management company, which would continue to manage the remaining loan portfolio and specialize in providing other services.

At the end of 2020, it had €2.75 billion in deposits, of which €769 million came from retail customers. The Cypriot bank had a combined loan portfolio of 3.5 billion euros. The bank indicated in reports that the most part of the credits were given to organizations which work in Russia and CIS countries.

RCB said in June that it had sold a portfolio of corporate loans worth €356 million to Hellenic Bank. The sale of the loan portfolio will strengthen RCB Bank’s capital and liquidity reserves and create additional reserves that will enable the bank to meet its obligations to all of its clients in full. It was expected that the bank would get more than 500 million euros from the deal.

Earlier we reported that Markets get restless ahead of weekend.

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Economy

Stainless steel market news: EC to impose five-year duties on stainless steel from Russia and Turkey

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stainless steel market

Stainless steel market news: The European Commission, after completing an anti-dumping investigation that covered the period from January 1 to December 31, 2020, decided to impose duties on the supply of corrosion-resistant steel from Russia and Turkey, says the materials EC. 

How will the situation affect steel market prices? 

The investigation was carried out at the request of the European Association of the Steel Industry (Eurofer). The subject of the investigation was rolled steel with galvanized, magnesium, and aluminum coatings. Transformers and high-speed steel were not included in the investigation.

The anti-dumping duty on steel from Magnitogorsk Iron and Steel Works is 36.6%; from Novolipetsk Steel – 10.3%; from Severstal – 31.3% and from all other mills – 37.4%.

For the Turkish asset MMK (MMK Metalurji) the duty is 10.5%; for other Turkish steel producers – from 2.4% to 11%.

Imports of corrosion-resistant steel from Russia and Turkey increased more than fivefold – from 196,643 tons in 2017 to more than 1 million tons during the investigation period; the share of such metal from these countries increased from 2.2% to 13.1%. At the same time, the EC draws attention to the materials to implement supplies at prices below the average market prices in the EU.

The European Commission recalls that the sanctions imposed against Russia affect the supply of steel products in the region or directly to companies producing and exporting metal during the investigation, and since mid-March a complete ban on the supply of stainless steel to the EU was introduced.

Earlier we reported that Germany’s economic outlook for the second half of the year has deteriorated significantly.

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Economy

German Ministry of Economics news: Economic outlook for the second half of the year significantly worsened

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German Ministry of Economics

German Ministry of Economics news: The ministry said in its monthly report published this Friday that the economy is facing a “considerably worsened outlook” in the second half of the year due to shrinking gas supplies, rising energy prices, supply chain problems, and general uncertainty.

Despite the gloomy economic outlook, Germany’s 10-year bond yield, the benchmark for the eurozone, rose above 1% for the first time since July 28.

Meanwhile, money markets continue to price in a 100% chance of a 50bp rate hike in September.

Now, EUR/USD is trading at 1.0296, down 0.19% for the day.

Earlier we reported that Chip makers fear worst recession in a decade.

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