CX Daily: Third Plenum: Implications for China’s Economy and Society
TOP STORIES
Plenum?/
China’s top leadership has revealed a plan to deepen reforms to boost foreign trade, promote the private economy and bolster the security of the country’s industrial and supply chains, following a key political gathering.
The Communist Party of China’s Central Committee adopted the resolution at its Third Plenum — a twice-a-decade meeting of committee members that sets out China’s reform framework for the next five years — which concluded Thursday in Beijing.
U.S.?/
President Joe Biden’s withdrawal on Sunday under pressure from his own party combined with swelling momentum behind Donald Trump’s bid to return to the White House after an assassination attempt on him at a rally on July 13 has upended the U.S. presidential race.
As Democrats scramble to pick a new nominee, Biden endorsed Vice President Kamala Harris to lead the party’s ticket in the Nov. 5 election.
Corruption?/
China’s top prosecutors have ordered the arrest of Peng Guofu, a former vice chairman of Hunan province’s top legislature, on suspicion of accepting bribes, according to an official announcement issued Friday.
The announcement, released by the Supreme People’s Procuratorate, came 12 days after China’s top anti-graft watchdog announced that Peng had been expelled from the Communist Party and public office. ?
FINANCE & ECONOMY
Personnel?/
A high-ranking official at China’s Ministry of Commerce is likely to become a vice finance minister, Caixin has learned from multiple sources with knowledge of the matter.
Guo Tingting, a vice commerce minister, is expected to fill the position to be left by Zhu Zhongming, who has been named a deputy chief of Shanghai’s Communist Party committee. ?
Quick hits?/
领英推荐
BUSINESS & TECH
Tariff?/
The European Commission has heard a Chinese automaker and industry group’s arguments against its decision to levy provisional anti-subsidy duties on electric vehicles (EVs) from China.
The hearings on the counterarguments from SAIC Motor Corp. Ltd. and the China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) took place Friday and Thursday, respectively. The European Commission has yet to respond.
Lithium?/
Many of China’s lithium producers have begun slashing output to stem profit losses as the price of this crucial material for electric vehicle batteries continues to fall.
“When prices drop to 90,000 yuan per ton ($12,394), companies are forced to make tough decisions; some reduce or even halt production,” noted a government official from Yichun, a major lithium production center in China. ?
EVs?/
Beijing is to offer local households an extra 20,000 license plates to buy electric vehicles (EVs), the capital’s first relaxation of auto ownership restrictions in more than 10 years. The move is seen as an effort to boost domestic EV sales.
The municipal transportation authority said the purchase quota will be available to families who don’t own a car and can only be used to buy purely electric vehicles. A list of those eligible will be published Sunday. ?
Quick hit?/
Long Read?/
GALLERY
A 40-meter section of a bridge in Northwest China’s Shaanxi province collapsed Friday evening, after heavy rain triggered a flash flood, sending vehicles plunging into the Jinqian River. As of Sunday evening, 15 people had been confirmed dead in the incident in Zhashui county, and seven submerged vehicles have been found. Another individual was rescued. Rescue operations continue as 31 people remain missing.