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Tag: Shanghai

  • Tesla owners in China protest against surprise price cuts they missed | CNN Business

    Tesla owners in China protest against surprise price cuts they missed | CNN Business


    Shanghai
    Reuters
     — 

    Hundreds of Tesla owners gathered at the automaker’s showrooms and distribution centers in China over the weekend, demanding rebates and credit after sudden price cuts, which they said meant they had overpaid for electric cars they bought earlier.

    On Saturday, about 200 recent buyers of the Tesla Model Y and Model 3 gathered at a Tesla delivery center in Shanghai to protest against the US carmaker’s decision to slash prices for the second time in three months on Friday.

    Many said they had believed that prices Tesla charged for its cars late last year would not be cut as abruptly or as deeply as the automaker just announced in a move to spur sales and support production at its Shanghai plant. The scheduled expiration of a government subsidy at the end of 2022 also drove many to finalize their purchases.

    Videos posted on social media showed crowds at Tesla stores and delivery centers in other Chinese cities from Chengdu to Shenzhen, suggesting wider consumer backlash.

    After Friday’s surprise discounts, Tesla’s EV prices in China are now between 13% and 24% below their September levels.

    Analysts have said Tesla’s move was likely to boost its sales, which tumbled in December, and force other EV makers to cut prices too at a time of faltering demand in the world’s largest market for battery-powered cars.

    While established automakers often discount to manage inventory and keep factories running when demand weakens, Tesla operates without dealerships and transparent pricing has been part of its brand image.

    “It may be a normal business practice but this is not how a responsible enterprise should behave,” said one Tesla owner protesting at the company’s delivery center in Shanghai’s Minhang suburb on Saturday who gave his surname as Zhang.

    He and the other Tesla owners, who said they had taken delivery in the final months of 2022, said they were frustrated with the abruptness of Friday’s price cut and Tesla’s lack of an explanation to recent buyers.

    Zhang said police facilitated a meeting between Tesla staff and the assembled owners at which the owners handed over a list of demands, including an apology and compensation or other credits. He added the Tesla staff had agreed to respond by Tuesday.

    About a dozen police officers could be seen at the Shanghai protest and most of the videos of the other demonstrations also showed a large police presence at the Tesla sites.

    Protests are not a rare occurrence in China, which has over the years seen people come out in large numbers over issues such as financial or property scams, but authorities have been on higher alert after widespread protests in Chinese cities and top universities at the end of November against Covid-19 restrictions.

    Other videos appearing to be of Tesla owners protesting were also posted to Chinese social media platforms on Saturday.

    One video, which Reuters verified was filmed at a Tesla store in the southwestern city of Chengdu, showed a crowd chanting, “Return the money, refund our cars.”

    Another, which appeared to be filmed in Beijing, showed police cars arriving to disperse crowds outside a Tesla store.

    Reuters was unable to verify the content of either video.

    Tesla does not plan to compensate buyers who took delivery before the most recent price cut, a spokesman for Tesla China told Reuters on Saturday.

    He did not respond when asked to comment on the protests.

    China accounted for about a third of Tesla’s global sales in 2021 and its Shanghai factory, which employs about 20,000 workers, is its single most productive and profitable plant.

    Analysts have been positive about the potential for Tesla’s price cuts to drive sales growth at a time when it is a year from announcing its next new vehicle, the Cybertruck.

    “Nowhere else in the world is Tesla faced with the kind of competitors that they have here [in China],” said Bill Russo, head of consultancy Automobility Ltd in Shanghai.

    “They are in a much bigger EV market with companies that can price more aggressively than they can, until now.”

    In 2021, Tesla faced a public relations storm after an unhappy customer climbed on a car at the Shanghai auto show to protest against the company’s handling of her complaints about her car’s brakes.

    Tesla responded by apologizing to Chinese consumers for not addressing the complaints in a timely way.

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  • Tom Zhu: Elon Musk’s right-hand man at Tesla | CNN Business

    Tom Zhu: Elon Musk’s right-hand man at Tesla | CNN Business


    Hong Kong
    CNN
     — 

    Tesla’s China chief has reportedly been given a big promotion.

    Tom Zhu has been handed Tesla’s US assembly plants and sales operations in North America and Europe as additional responsibilities, leaving just the Berlin Gigafactory outside his remit, according to media reports on Tuesday.

    The reports have intensified speculation that China-born Zhu is being groomed to succeed Elon Musk as CEO at the world’s biggest electric carmaker. So, what do we know about him?

    Zhu, who is now the highest-profile Tesla executive after Musk, has played a huge role in helping the company rebound strongly from Covid lockdowns in China, the carmaker’s biggest international market.

    His reported appointment comes at a time when Musk has been distracted by his acquisition of Twitter, and Tesla’s stock has plunged 65% in 2022.

    While Tesla did not respond to requests for comment by CNN, Chinese media has been speculating since December that Zhu was being groomed for a bigger global role at the electric automaker.

    “Zhu is a core leader at Tesla and a linchpin to its success especially in China,” said Daniel Ives, managing director and senior equity research analyst covering the tech industry at Wedbush Securities.

    Zhu joined Tesla in 2014 and has been described as “pragmatic,” “industrious” and “a workaholic” by the Chinese media.

    “I wanna sleep so much, but the job is so damn interesting,” he said in a 2019 post on his Weibo account.

    Zhu has made few public appearances since joining Tesla, and there is little public information about his age or personal life. He was born in China and CNN was not able to confirm if he still holds Chinese citizenship.

    According to his social media profile, he acquired a bachelor’s degree from the Auckland University of Technology in 2004 and an MBA degree from The Fuqua School of Business at Duke University.

    Before joining Tesla, he founded a project management consulting firm, offering advice to Chinese contractors who wanted to expand overseas.

    A 2021 interview by the Jiefang Daily in Shanghai, the Communist Party’s official newspaper in the financial hub, showed Zhu working from an open office, with hardly any time to eat breakfast.

    “Efficiency and pragmatism are a style of our company,” he said in the interview, which is one of the few Zhu has appeared in since joining Tesla.

    Aerial view of Tesla Shanghai Gigafactory at Lingang New Area on July 11, 2021 in Shanghai, China.

    In a separate video interview last year by PCauto, a privately owned Chinese news portal, Zhu revealed more about his personal life and working style.

    Tesla’s China boss does not embody a flashy lifestyle. He lives in a low-cost public rental home, paying a monthly rent of less than 2,000 yuan ($290), as it is close to the sprawling Shanghai factory.

    Living close to work is “quite convenient,” Zhu said in the interview. He also car pools with colleagues and starts work at 6 or 7 in the morning, often staying beyond midnight.

    He also revealed that he texted Musk regularly, discussing issues at work or plans for the future, which Zhu said made him “feel extremely excited.”

    Elon Musk arrives at the In America: An Anthology of Fashion themed Met Gala at the Metropolitan Museum of Art in New York City on May 2, 2022.

    In 2019, after multiple typhoons hit the Shanghai plant’s drainage system, Zhu and other Tesla employees manually drained water with plastic buckets in the rain.

    “Getting your hands dirty” represents an entrepreneurial spirit and culture of of the company, he said.

    Zhu’s reported promotion came after an impressive performance by Tesla’s China operations.

    Since 2014, Tesla has expanded rapidly in the world’s largest car market. In 2019, it built the Shanghai Gigafactory within 10 months, at a cost that was 65% cheaper than the Model 3 production plant in the United States.

    Within a few years, it became the biggest EV production plant on the planet.

    In 2021, Tesla delivered 936,000 vehicles globally, more than half of which came from the Shanghai factory.

    In August 2022, Musk said the company had manufactured over three million cars, one million of which came from Shanghai. In November, the Shanghai factory set a fresh monthly delivery record of more than 100,000 vehicles. All this was achieved after Covid restrictions caused the plant to temporarily suspend production last year.

    Tesla’s China sales also beat expectations. For the first three quarters of 2022, Tesla generated revenue of $13.6 billion from China, up 51% from the same period a year ago.

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  • Global markets mixed, headed for annual loss

    Global markets mixed, headed for annual loss

    BEIJING — Asian stocks rose Friday while Europe opened lower as most major markets headed for big annual losses following a year that was roiled by Russia’s invasion of Ukraine and interest rate hikes to cool surging inflation.

    Shanghai and Tokyo advanced. London and Frankfurt declined. U.S. futures were lower heading into Wall Street’s final trading day of 2022. Oil prices fell back.

    Wall Street’s benchmark S&P 500 index gained Thursday after the number of people applying for unemployment benefits rose only slightly last week despite interest rate hikes to cool inflation by slowing economic activity.

    “Considering the market news was sparse, the shift higher has the hallmarks of a dead cat bounce,” said Stephen Innes of SPI Asset Management in a report.

    In early trading, the FTSE in London lost 0.4% to 7,483.42. It is on track to become the only major market with a gain for 2022, rising about 1% for the year.

    Other markets are set for annual losses after Russia’s attack on Ukraine pushed up oil and wheat prices and the Federal Reserve and other global central banks hiked rates to slow economic activity and cool inflation that is at multi-decade highs. China’s shutdown of Shanghai and other cities to fight COVID-19 outbreaks disrupted manufacturing and shipping.

    The DAX in Frankfurt shed 0.6% to 13,996.57. It is headed for a 12% loss in 2022. The CAC-40 in Paris declined 0.5% to 6,539.21. It is down 9.5% for the year.

    On Wall Street, the S&P 500 future was off 0.4%. That for the Dow Jones Industrial Average declined 0.3%.

    On Thursday, the S&P 500 rose 1.7%. It will end the year down about 20%, which would be its biggest annual decline since 2008.

    The Dow gained 1% and the Nasdaq composite added 2.6%. Both are headed for annual losses.

    In Asia, the Shanghai Composite Index gained 0.5% to 3,089.25. The Chinese benchmark is on track to end 2022 down more than 14% after the world’s second-largest economy was depressed by anti-virus controls and a crackdown on corporate debt.

    Tokyo’s Nikkei 225 finished unchanged at 26,094.50. It is headed for an annual loss of almost 10%. The Hang Seng in Hong Kong added 0.2% to 19,781.41. It is off more than 14% this year.

    Sydney’s S&P-ASX 200 was 0.3% higher at 7,038.70. India’s Sensex opened up 0.3% at 61,133.88. New Zealand declined while Southeast Asian markets rose.

    South Korean markets were closed for a holiday. The country’s benchmark Kospi index is headed for a loss of more than 25% for the year.

    Investors worry central banks are willing to cause a recession if necessary.

    The Fed’s key lending rate stands at a range of 4.25% to 4.5% after seven increases this year. The U.S. central bank forecasts that will reach a range of 5% to 5.25% by the end of 2023. Its forecast doesn’t call for a rate cut before 2024.

    In energy markets, benchmark U.S. crude fell 50 cents to $77.90 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 56 cents on Thursday to $78.40. Brent crude, used as the price basis for international oil trading, gave up 36 cents to $83.10 per barrel in London. It lost $1 the previous session to $82.26 a barrel.

    The dollar declined to 132.02 yen from Thursday’s 132.90 yen. The euro edged down to $1.0668 from $1.0677.

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  • Asian shares mixed after tech-led decline on Wall Street

    Asian shares mixed after tech-led decline on Wall Street

    BANGKOK — Shares were mixed in Asia on Wednesday after a post-holiday retreat on Wall Street, as markets count down to the end of a painful year for investors.

    Shares fell in Tokyo, Shanghai and Seoul but rose in Hong Kong as the Chinese government took further steps to reopen to foreign travel after relaxing its stringent “zero-COVID” policies.

    Oil prices rose and U.S. futures inched higher.

    The Chinese government announced it will start issuing new passports in another major step away from anti-virus travel barriers. That sets up a potential flood of tourists out of China for next month’s Lunar New Year holiday, taking free-spending Chinese visitors to Asia, Europe and other destinations during what usually is the country’s busiest travel season.

    But governments in India and Japan have said they will impose extra precautions on those arriving from China due to widespread virus outbreaks there. U.S. officials also expressed concern and said they were considering taking similar steps.

    Hong Kong’s Hang Seng jumped 2% to 20,011.99. The Shanghai Composite index gave up early gains, losing 0.2% to 3,000.23.

    Tokyo’s Nikkei 225 lost 0.6% to 26,301.69 after the government reported that Japan’s industrial production fell for a third straight month in November and said it was likely to fall further in December. The Kospi in Seoul declined 2.2% to 2,282.26.

    In Australia, the S&P/ASX 200 dropped 0.3% to 7,086.50.

    On Wall Street, the S&P 500 fell 0.4% to 3,829.25 and the Dow Jones Industrial Average eked out a 0.1% gain, closing at 33,241.56. The Nasdaq dropped 1.4% to 10,353.23.

    The Russell 2000 index dropped 0.7% to 1,749.52.

    Technology and communication services companies accounted for a big share of the decliners in the S&P 500. Apple fell 1.4% and Netflix lost 3.7%.

    Airlines stocks fell broadly. A massive winter storm caused widespread delays and forced several carriers to cancel flights over the weekend. Delta Air Lines closed 0.8% lower, American Airlines dropped 1.4% and JetBlue slid 1.1%.

    Southwest Airlines slid 6% after the company had to cancel roughly two-thirds of its flights over the last couple of days, which it blamed on problems related to staffing and weather. The federal government said it would investigate why the company lagged so far behind other carriers.

    Tesla fell 11.4% for the biggest decline among S&P 500 stocks. The electric vehicle maker temporarily suspended production at a factory in Shanghai, according to published reports.

    Treasury yields mostly rose as the U.S. bond market reopened from Christmas holidays. The yield on the 10-year Treasury, which influences mortgage rates, rose to 3.85% from 3.75% late Friday.

    Trading on Wall Street is expected to be relatively light this holiday-shortened week as investors look ahead to 2023 after a dismal year for stocks.

    Uncertainty about how far the Federal Reserve and other central banks would go to fight the highest inflation in decades has kept investors on edge. The Fed raised its key interest rate seven times this year and has signaled more hikes to come in 2023, even though the pace of price increases has been easing.

    The high rates, which weigh heavily on prices for stocks and other investments, have fueled concerns that the economy could slow too much and slip into a recession next year.

    The benchmark S&P 500 index set an all-time high at the beginning of January, but is now down nearly 20% for the year. The tech-heavy Nasdaq is down nearly 34%.

    In other trading Wednesday, U.S. benchmark crude oil added 5 cents to $79.58 per barrel in electronic trading on the New York Mercantile Exchange. It lost 3 cents on Tuesday to $79.53 per barrel.

    Brent crude, the pricing basis for international trading, gained 14 cents to $84.82 per barrel.

    The U.S. dollar rose to 134.09 Japanese yen from 133.43 yen. The euro was trading at $1.0643, up from $1.0640.

    ———

    AP Business Writer Alex Veiga contributed.

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  • World shares mostly lower after tech-led fall on Wall Street

    World shares mostly lower after tech-led fall on Wall Street

    BANGKOK — Shares were mostly lower in Europe and Asia on Wednesday as markets were counting down to the end of a painful year for investors, with no end in sight to uncertainties stemming from the pandemic and the war in Ukraine.

    Shares fell in Frankfurt, Paris, Tokyo, Shanghai and Seoul but rose in London and Hong Kong as the Chinese government took further steps to reopen to foreign travel after relaxing its stringent “zero-COVID” policies.

    Oil prices fell back and U.S. futures inched higher.

    Not all world markets have ended the year on low notes. Britain’s FTSE 100 is at about the level it started 2022. Early Wednesday it was up 0.7% at 7,525.42.

    But most other markets have suffered as interest rate increases, waves of coronavirus infections, the war, supply chain disruptions and surging inflation took a toll on businesses and investments.

    Germany’s DAX lost 0.3% to 13,952.83. It’s down about 13% from the start of the year. The CAC 40 in Paris, which is about 9% below where it began the year, edged 0.1% lower, to 6,541.50.

    The future for the S&P 500 was barely changed, down 1 point. The future for the Dow Jones Industrial Average edged 0.1% higher.

    On Tuesday, the S&P 500 fell 0.4% and the Dow industrials eked out a 0.1% gain. The Nasdaq dropped 1.4%, while the Russell 2000 index dropped 0.7%.

    The benchmark S&P 500 index set an all-time high at the beginning of January, but is now down nearly 20% for the year. The tech-heavy Nasdaq is down nearly 34%.

    The Chinese government announced late Tuesday that it will start issuing new passports, a major step away from anti-virus travel barriers that likely will bring a flood of tourists out of China for next month’s Lunar New Year holiday.

    The return of free-spending Chinese visitors to Asia, Europe and other destinations during what usually is the country’s busiest travel season will be a welcome relief for countries like Thailand that depend heavily on tourism.

    But some governments have said they will impose extra precautions on people arriving from China given the widespread virus outbreaks there. U.S. officials, speaking on condition of anonymity to convey internal discussions, also expressed concern and said they were considering taking similar steps.

    With China in the midst of its most severe COVID wave so far, disruptions to manufacturing and transport will likely linger until the worst is past.

    “Investors are enthusiastic about China re-opening its economy. However, there are plenty of reports which suggest that COVID cases are on the rise in China, which really threatens the supply chain,” Naeem Aslam of Avatrade.com said in a commentary.

    In Asian trading, Hong Kong’s Hang Seng climbed 1.6% to 19,898.91 while the Shanghai Composite index dropped 0.3% to 3,087.40. Hong Kong’s benchmark is down 14% for the year, while Shanghai’s has lost slightly more so far, at 14.2%.

    Tokyo’s Nikkei 225, which has given up 8.6% this year, fell 0.4% to 26,340.50 after the government reported that Japan’s industrial production fell for a third straight month in November and was likely to fall further in December.

    The Kospi in Seoul declined 2.2% to 2,280.45, while Australia’s S&P/ASX 200 dropped 0.3% to 7,086.40. Bangkok’s SET gained 0.3%.

    Trading on Wall Street is expected to be relatively light this holiday-shortened week as investors look ahead to 2023 after a dismal year for stocks.

    Uncertainty about how far the Federal Reserve and other central banks would go to fight the highest inflation in decades has kept investors on edge, even as price increases have eased. The Fed raised its key interest rate seven times this year and has signaled more hikes to come in 2023.

    The high rates weigh heavily on prices for stocks and other investments and have raised worries they might slow the economy too much, tipping it into a recession.

    In other trading, U.S. benchmark crude oil shed 54 cents to $78.99 per barrel in electronic trading on the New York Mercantile Exchange. It lost 3 cents on Tuesday to $79.53 per barrel.

    Brent crude, the pricing basis for international trading, declined 39 cents to $84.29 per barrel.

    The U.S. dollar rose to 134.01 Japanese yen from 133.43 yen. The euro was unchanged at $1.0641.

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  • US stocks slide as economic data stokes rate hike worries

    US stocks slide as economic data stokes rate hike worries

    NEW YORK — Stocks closed broadly lower on Wall Street Thursday as stronger-than-expected reports on the U.S. economy stoked worries about interest rates staying high.

    The S&P 500 fell 1.4% after having been down as much as 2.9% earlier in the day. The pullback brings Wall Street’s main measure of health back to a loss of nearly 20% for the year. The Dow Jones Industrial Average fell 1% and the Nasdaq closed 2.2% lower.

    The selling was broad, with all 11 industry sectors in the S&P 500 ending up in the red. Technology stocks were the biggest drag on the benchmark index. Chipmaker Nvidia slumped 7%.

    Usually, good data on the economy would be positive for markets, particularly when worries are high about a possible recession looming. But Thursday’s reports suggested the Federal Reserve may indeed follow through on its pledge to keep hiking interest rates and to hold them at a high level for a while in order to get inflation under control.

    The Fed is particularly worried about a still-strong job market giving more oxygen to inflation, which has come down a bit in recent months but remains close to its highest level in decades. One report on Thursday indicated employers laid off fewer workers last week than expected, while a separate report showed that the broad U.S. economy grew more strongly during the summer than forecast.

    The reports forced a reminder of a longstanding mantra on Wall Street: Don’t fight the Fed. When it’s raising interest rates, the Fed is intentionally slowing the economy and increasing the risks of a potential recession. Higher rates also drag down on prices for stocks and other investments.

    High-growth technology stocks have taken some of the year’s worst hits because they’re seen as some of the most vulnerable to rising rates. A discouraging profit report from chipmaker Micron Technology cast even more of a pall on the industry Thursday.

    Micron fell 3.4% after it gave a weaker forecast for upcoming earnings than analysts expected as it faces softening demand.

    Electric vehicle maker Tesla has also felt big pain from rising interest rates, though it’s also dealing with issues specific to itself and its CEO, Elon Musk. It tumbled 8.9%, bringing its loss for the year to around 64%. It’s taking the rare step of offering discounts on its two top-selling models through year’s end, an indication demand is slowing.

    Worries are rising broadly about corporate profits across industries, which are contending with the weight of higher interest rates, still-high inflation and rising costs rise due to payroll and other expenses. A drop-off in corporate profits in 2023 could knock out another support for stocks, after profits strengthened through much of 2022.

    Used-auto retailer CarMax dropped 3.7% after it reported much weaker profit for its latest quarter than analysts expected.

    The market’s slide eased toward the end of the day, leaving major indexes to finish off the day’s lows. The S&P 500 dropped 56.05 points to 3,822.39. The Dow, which had been down 803 points, finished down 348.99 points at 33,027.49. The tech-heavy Nasdaq fell 233.25 points to close at 10,476.12.

    Small-company stocks also fell. The Russell 2000 index dropped 22.85 points, or 1.3%, to 1,754.09.

    Trading has been topsy-turvy across Wall Street recently as reports paint a mixed portrait of the economy.

    The housing industry and other areas of the economy whose fortunes are closely tied to low interest rates have already shown sharp downturns. But consumer confidence has strengthened recently, offering hope for the biggest and most important part of the economy: consumer spending.

    Inflation has been moderating since peaking in the summer, which at times has raised hopes on Wall Street that the Fed may back off its tough talk on interest rates. But Fed officials continue to hammer the message that they’ll hike rates further in 2023 and don’t envision a cut to rates before 2024.

    The Fed has already hiked its key overnight rate up to its highest level in 15 years, after it began the year at a record low of roughly zero. That has a growing number of economists and investors are predicting a recession will hit the U.S. economy in 2023.

    And the Fed is just one of many central banks around the world hiking rates at an explosive clip. Even the Bank of Japan, which has been a holdout in keeping interest rates super-low this year, this week made moves that would allow some rates to rise a bit.

    The yield on the two-year U.S. Treasury, which tends to track expectations for Fed action, rose to 4.26% from 4.22% late Wednesday.

    The 10-year yield, which helps dictate rates for mortgages and other economy-setting loans, rose to 3.68% from 3.67% a day earlier.

    ———

    AP Business Writers Elaine Kurtenbach and Matt Ott contributed to this report. Veiga reported from Los Angeles.

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  • Asian stock markets sink under global recession fears

    Asian stock markets sink under global recession fears

    BEIJING — Asian stock markets fell again Monday as investors wrestled with fears the Federal Reserve and European central banks might be willing to cause a recession to crush inflation.

    Shanghai, Tokyo, Hong Kong and Sydney declined. Oil prices rose.

    Wall Street fell Friday after the Fed raised its forecast of how long interest rates have to stay elevated to cool inflation that is near a four-decade high. The European Central Bank warned more rate hikes are coming.

    That “hawkish rhetoric” indicates “mounting pipeline risks of a global recession,” said Tan Boon Heng of Mizuho Bank in a report.

    The Shanghai Composite Index lost 1.4% to 3,122.63 despite the ruling Communist Party announcing Friday it will try to reverse China’s economic slump by stimulating domestic consumption and the real estate market.

    The Nikkei 225 in Tokyo sank 1.1% to 27,223.72 and the Hang Seng in Hong Kong shed 0.6% to 19,326.18.

    The Kospi in Seoul retreated 0.6% to 2,344.57 and Sydney’s S&P-ASX 200 was 0.2% lower at 7,134.00.

    India’s Sensex opened down 0.8% at 61,337.81. Singapore and Bangkok advanced while New Zealand and other Southeast Asian markets declined.

    On Friday, Wall Street’s benchmark S&P 500 index lost 1.1% to 3,852.36 as it turned in its second weekly decline. It is down about 19% this year.

    The Dow Jones Industrial Average dropped 0.8% to 32,920.46. The Nasdaq composite lost 1% to 10,705.41.

    More than 80% of stocks in the benchmark S&P 500 fell. Technology and health care stocks were among the biggest weights on the market. Microsoft fell 1.7% and Pfizer slid 4.1%.

    U.S. inflation has eased to 7.1% over a year earlier in November from June’s 9.1% high but still is painfully high.

    The Fed on Wednesday raised its benchmark short-term lending rate by one-half percentage point for its seventh hike this year. That dashed hopes the U.S. central bank might ease off increases due to signs inflation and economic activity are cooling.

    The federal funds rate stands at a 15-year high of 4.25% to 4.5%. The Fed forecast that will reach a range of 5% to 5.25% by the end of 2023. Its forecast doesn’t call for a rate cut before 2024.

    In energy markets, U.S. benchmark crude rose 64 cents to $74.93 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.82 on Friday to $74.29. Brent crude, the price basis for international oil trading, gained 68 cents to $79.72 per barrel in London. It lost $2.17 the previous session to $79.04.

    The dollar declined to 136.20 yen from Friday’s 136.56 yen. The euro gained to $1.0603 from $1.0600.

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  • Asian stock markets sink under global recession fears

    Asian stock markets sink under global recession fears

    BEIJING — Asian stock markets fell again Monday as investors wrestled with fears the Federal Reserve and European central banks might be willing to cause a recession to crush inflation.

    Shanghai, Tokyo, Hong Kong and Sydney declined. Oil prices rose by almost $1 per barrel but benchmark U.S. crude stayed below $80.

    Wall Street fell Friday after the Fed raised its forecast of how long interest rates have to stay elevated to cool inflation that is near a four-decade high. The European Central Bank warned more rate hikes are coming.

    That “hawkish rhetoric” indicates “mounting pipeline risks of a global recession,” said Tan Boon Heng of Mizuho Bank in a report.

    The Shanghai Composite Index lost 1.3% to 3,127.78 despite China’s ruling Communist Party announcing Friday that it will try to reverse an economic slump by stimulating domestic consumption and the real estate market.

    The Nikkei 225 in Tokyo sank 1.1% to 27,218.28 and the Hang Seng in Hong Kong shed 0.7% to 19,316.58.

    The Kospi in Seoul retreated 0.4% to 2,350.27 and Sydney’s S&P-ASX 200 was 0.2% lower at 7,137.00. Singapore advanced while New Zealand and other Southeast Asian markets declined.

    Wall Street’s benchmark S&P 500 index turned in its second weekly decline after losing 1.1% to 3,852.36 on Friday for its third daily drop. It is down about 19% so far this year.

    The Dow Jones Industrial Average dropped 0.8% to 32,920.46. The Nasdaq composite lost 1% to 10,705.41.

    More than 80% of stocks in the benchmark S&P 500 fell. Technology and health care stocks were among the biggest weights on the market. Microsoft fell 1.7% and Pfizer slid 4.1%.

    U.S. inflation has eased to 7.1% over a year earlier in November from June’s 9.1% high but still is painfully high.

    The Fed on Wednesday raised its benchmark short-term lending rate by one-half percentage point for its seventh hike this year. That dashed hopes the U.S. central bank might ease off increases due to signs inflation and economic activity are cooling.

    The federal funds rate stands at a 15-year high of 4.25% to 4.5%. The Fed forecast that will reach a range of 5% to 5.25% by the end of 2023. Its forecast doesn’t call for a rate cut before 2024.

    In energy markets, U.S. benchmark crude rose 94 cents to $75.23 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.82 on Friday to $74.29. Brent crude, the price basis for international oil trading, gained $1.01 to $80.05 per barrel in London. It lost $2.17 the previous session to $79.04.

    The dollar declined to 136.25 yen from Friday’s 136.56 yen. The euro gained to $1.0609 from $1.0600.

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  • Asian stock markets sink under global recession fears

    Asian stock markets sink under global recession fears

    BEIJING — Asian stock markets fell again Monday as investors wrestled with fears the Federal Reserve and European central banks might be willing to cause a recession to crush inflation.

    Shanghai, Tokyo, Hong Kong and Sydney declined. Oil prices rose by almost $1 per barrel but benchmark U.S. crude stayed below $80.

    Wall Street fell Friday after the Fed raised its forecast of how long interest rates have to stay elevated to cool inflation that is near a four-decade high. The European Central Bank warned more rate hikes are coming.

    That “hawkish rhetoric” indicates “mounting pipeline risks of a global recession,” said Tan Boon Heng of Mizuho Bank in a report.

    The Shanghai Composite Index lost 1.3% to 3,127.78 despite China’s ruling Communist Party announcing Friday that it will try to reverse an economic slump by stimulating domestic consumption and the real estate market.

    The Nikkei 225 in Tokyo sank 1.1% to 27,218.28 and the Hang Seng in Hong Kong shed 0.7% to 19,316.58.

    The Kospi in Seoul retreated 0.4% to 2,350.27 and Sydney’s S&P-ASX 200 was 0.2% lower at 7,137.00. Singapore advanced while New Zealand and other Southeast Asian markets declined.

    Wall Street’s benchmark S&P 500 index turned in its second weekly decline after losing 1.1% to 3,852.36 on Friday for its third daily drop. It is down about 19% so far this year.

    The Dow Jones Industrial Average dropped 0.8% to 32,920.46. The Nasdaq composite lost 1% to 10,705.41.

    More than 80% of stocks in the benchmark S&P 500 fell. Technology and health care stocks were among the biggest weights on the market. Microsoft fell 1.7% and Pfizer slid 4.1%.

    U.S. inflation has eased to 7.1% over a year earlier in November from June’s 9.1% high but still is painfully high.

    The Fed on Wednesday raised its benchmark short-term lending rate by one-half percentage point for its seventh hike this year. That dashed hopes the U.S. central bank might ease off increases due to signs inflation and economic activity are cooling.

    The federal funds rate stands at a 15-year high of 4.25% to 4.5%. The Fed forecast that will reach a range of 5% to 5.25% by the end of 2023. Its forecast doesn’t call for a rate cut before 2024.

    In energy markets, U.S. benchmark crude rose 94 cents to $75.23 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.82 on Friday to $74.29. Brent crude, the price basis for international oil trading, gained $1.01 to $80.05 per barrel in London. It lost $2.17 the previous session to $79.04.

    The dollar declined to 136.25 yen from Friday’s 136.56 yen. The euro gained to $1.0609 from $1.0600.

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  • China reports 2 new COVID deaths as some restrictions eased

    China reports 2 new COVID deaths as some restrictions eased

    HONG KONG — China on Sunday reported two additional deaths from COVID-19 as some cities move cautiously to ease anti-pandemic restrictions following increasingly vocal public frustrations.

    The National Health Commission said one death was reported each in the provinces of Shandong and Sichuan. No information was given about the ages of the victims or whether they had been fully vaccinated.

    China, where the virus first was detected in late 2019 in the central city of Wuhan, is the last major country trying to stop transmission completely through quarantines, lockdowns and mass testing. Concerns over vaccination rates are believed to figure prominently in the ruling Communist Party’s determination to stick to its hard-line strategy.

    While nine in 10 Chinese have been vaccinated, only 66% of people over 80 have gotten one shot while 40% have received a booster, according to the commission. It said 86% of people over 60 are vaccinated.

    Given those figures and the fact that relatively few Chinese have been built up antibodies by being exposed to the virus, some fear millions could die if restrictions were lifted entirely.

    Yet, an outpouring of public anger appears to have prompted authorities to lift some of the more onerous restrictions, even as they say the “zero-COVID” strategy — which aims to isolate every infected person — is still in place.

    The demonstrations, the largest and most widely spread in decades, erupted Nov. 25 after a fire in an apartment building in the northwestern city of Urumqi killed at least 10 people. That set off angry questions online about whether firefighters or victims trying to escape were blocked by locked doors or other anti-virus controls. Authorities denied that, but the deaths became a focus of public frustration.

    The country saw several days of protests across cities including Shanghai and Beijing, with protesters demanding an easing of COVID-19 curbs. Some demanded Chinese President Xi Jinping step down, an extraordinary show of public dissent in a society over which the ruling Communist Party exercises near total control.

    Beijing and some other Chinese cities announced that riders can board buses and subways without a virus test for the first time in months. The requirement has led to complaints from some Beijing residents that even though the city has shut many testing stations, most public venues still require COVID-19 tests.

    On Sunday, China announced another 35,775 cases from the past 24 hours, 31,607 of which were asymptomatic, bringing its total to 336,165 with 5,235 deaths.

    While many have questioned the accuracy of the Chinese figures, they remain relatively low compared to the U.S. and other nations which are now relaxing controls and trying to live with the virus that has killed at least 6.6 million people worldwide and sickened almost 650 million.

    China still imposes mandatory quarantine for incoming travelers even as its infection numbers are low compared to its 1.4 billion population.

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  • Chinese users play cat-and-mouse with censors amid protests

    Chinese users play cat-and-mouse with censors amid protests

    HONG KONG (AP) — Videos of hundreds protesting in Shanghai started to appear on WeChat on Saturday night. Showing chants about removing COVID-19 restrictions and demanding freedom, they would stay up only a few minutes before being censored.

    Elliot Wang, a 26-year-old in Beijing, was amazed.

    “I started refreshing constantly, and saving videos, and taking screenshots of what I could before it got censored,” said Wang, who only agreed to be quoted using his English name, in fear of government retaliation. “A lot of my friends were sharing the videos of the protests in Shanghai. I shared them too, but they would get taken down quickly.”

    More on Virus Outbreak in China

    That Wang was able to glimpse the extraordinary outpouring of grievances highlights the cat-and-mouse game that goes on between millions of Chinese internet users and the country’s gargantuan censorship machine.

    Chinese authorities maintain a tight grip on the country’s internet via a complex, multi-layered censorship operation that blocks access to almost all foreign news and social media, and blocks topics and keywords considered politically sensitive or detrimental to the Chinese Communist Party’s rule. Videos of or calls to protest are usually deleted immediately.

    But images of protests began to spread on WeChat, a ubiquitous Chinese social networking platform used by over 1 billion, in the wake of a deadly fire Nov. 24 in the northwestern city of Urumqi. Many suspected that lockdown measures prevented residents from escaping the flames, something the government denies.

    The sheer number of unhappy Chinese users who took to the Chinese internet to express their frustration, together with the methods they used to evade censors, led to a brief period of time in which government censors were overwhelmed, according to Han Rongbin, an associate professor at the University of Georgia’s International Affairs department.

    “It takes censors some time to study what is happening and to add that to their portfolio in terms of censorship, so it’s a learning process for the government on how to conduct censorship effectively,” Han said.

    In 2020, the death from COVID-19 of Li Wenliang, a doctor who was arrested for allegedly spreading rumors following an attempt to alert others about a “SARS-like” virus, sparked widespread outrage and an outpouring of anger against the Chinese censorship system. Users posted criticism for hours before censors moved to delete posts.

    As censors took down posts related to the fire, Chinese internet users often used humor and metaphor to spread critical messages.

    “Chinese netizens have always been very creative because every idea used successfully once will be discovered by censors the next time,” said Liu Lipeng, a censor-turned-critic of China’s censorship practices.

    Chinese users started posting images of blank sheets of white paper, said Liu, in a silent reminder of words they weren’t allowed to post.

    Others posted sarcastic messages like “Good good good sure sure sure right right right yes yes yes,” or used Chinese homonyms to evoke calls for President Xi Jinping to resign, such as “shrimp moss,” which sounds like the words for “step down,” and “banana peel,” which has the same initials as Xi’s name.

    But within days, censors moved to contain images of white paper. They would have used a range of tools, said Chauncey Jung, a policy analyst who previously worked for several Chinese internet companies based in Beijing.

    Most content censorship is not done by the state, Jung said, but outsourced to content moderation operations at private social media platforms, who use a mix of humans and AI. Some censored posts are not deleted, but may be made visible only to the author, or removed from search results. In some cases, posts with sensitive key phrases may be published after review.

    A search on Weibo on Thursday for the term “white paper” mostly turned up posts that were critical of the protests, with no images of a single sheet of blank paper, or of people holding white papers at protests.

    It’s possible to access the global internet from China by using virtual private networks that disguise internet traffic, but these systems are illegal and many Chinese internet users access only the domestic internet. Wang does not use a VPN.

    “I think I can say for all the mainlanders in my generation that we are really excited,” said Wang. “But we’re also really disappointed because we can’t do anything. … They just keep censoring, keep deleting, and even releasing fake accounts to praise the cops.”

    But the system works well enough to stop many users from ever seeing them. When protests broke out across China over the weekend, Carmen Ou, who lives in Beijing, initially didn’t notice.

    Ou learned of the protests only later, after using a VPN service to access Instagram.

    “I tried looking at my feed on WeChat, but there was no mention of any protests,” she said. “If not for a VPN and access to Instagram, I might not have found out that such a monumental event had taken place.”

    Han, the international affairs professor, said censorship “doesn’t have to be perfect to be effective.”

    “Censorship might be functioning to prevent a big enough size of the population from accessing the critical information to be mobilized,” he said.

    China’s opaque approach to tamping down the spread of online dissent also makes it difficult to distinguish government campaigns from ordinary spam.

    Searching Twitter using the Chinese words for Shanghai or other Chinese cities reveals protest videos, but also a near-constant flood of new posts showing racy photos of young women. Some researchers proposed that a state-backed campaign could be seeking to drown out news of the protests with “not safe for work” content.

    A preliminary analysis by the Stanford Internet Observatory found lots of spam but no “compelling evidence” that it was specifically intended to suppress information or dissent, said Stanford data architect David Thiel.

    “I’d be skeptical of anyone claiming clear evidence of government attribution,” Thiel said in an email.

    Twitter searches for more specific protest-related terms, such as “Urumqi Middle Road, Shanghai,” produced mainly posts related to the protests.

    Israeli data analysis firm Cyabra and another research group that shared analysis with the AP said it was hard to distinguish between a deliberate attempt to drown out protest information sought by the Chinese diaspora and a run-of-the-mill commercial spam campaign.

    Twitter didn’t respond to a request for comment. It hasn’t answered media inquiries since billionaire Elon Musk took over the platform in late October and cut back much of its workforce, including many of those tasked with moderating spam and other content. Musk often tweets about how he’s enacting or enforcing new Twitter content rules but hasn’t commented on the recent protests in China.

    ___

    AP Business Writer Kelvin Chan in London and AP Technology Writer Matt O’Brien in Providence, Rhode Island, contributed to this story.

    ___

    This story corrects that the Urumqi fire was on Thursday, Nov. 24, not Friday.

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  • China’s security apparatus swings into action to smother Covid protests | CNN

    China’s security apparatus swings into action to smother Covid protests | CNN



    CNN
     — 

    China’s vast security apparatus has moved swiftly to smother mass protests that swept the country, with police patrolling streets, checking cell phones and even calling some demonstrators to warn them against a repeat.

    In major cities on Monday and Tuesday, police flooded the sites of protests that took place over the weekend, when thousands gathered to vent their anger over the country’s tough zero-Covid policy – some calling for greater democracy and freedom in an extraordinary show of dissent against Chinese leader Xi Jinping.

    The heavy police presence has discouraged protesters from gathering since, while authorities in some cities have adopted surveillance tactics used in the far western region of Xinjiang to intimidate those who demonstrated at the weekend.

    In what appears to be the first official response – albeit veiled – to the protests, China’s domestic security chief vowed at a meeting Tuesday to “effectively maintain overall social stability.”

    Without mentioning the demonstrations, Chen Wenqing urged law enforcement officials to “resolutely strike hard against infiltration and sabotage activities by hostile forces, as well as illegal and criminal acts that disrupt social order,” the state-run news agency Xinhua reported.

    The tough language may signal a heavy-handed crackdown ahead. While protests over local grievances do occur in China, the current wave of demonstrations is the most widespread since the Tiananmen Square pro-democracy movement of 1989. The political defiance is also unprecedented, with some protesters openly calling for Xi, the country’s most powerful and authoritarian leader in decades, to step down.

    Some of the boldest protests took place in Shanghai, where crowds called for Xi’s removal two nights in a row. The sidewalks of Urumqi Road – the main protest site – have been completely blocked by tall barricades, making it virtually impossible for crowds to congregate.

    A protester is arrested by police in Shanghai on Sunday night.

    Ten minutes’ drive away, dozens of police officers patrolled the People’s Square – a large plaza at the heart of the city where some residents had planned to gather with white paper and candles on Monday evening. Police also waited inside a subway station there, closing off all but one exit, according to a protester at the scene.

    CNN is not naming any of the protesters in this story to protect them from reprisals.

    The protester said he saw police checking the cell phones of passersby, and asking them if they had installed virtual private networks (VPNs) that can be used to circumvent China’s internet firewall, or apps such as Twitter and Telegram, which though banned in the country have been used by protesters.

    “There were also police dogs. The whole atmosphere was chilling,” the protester said.

    Protesters later decided to move their planned demonstration to another location, but by the time they arrived, the security presence had already been stepped up there, the protester said.

    “There were too many police and we had to cancel,” he said.

    On Tuesday, a widely circulated video appears to show police officers checking passengers’ mobile phones on a Shanghai subway train.

    Another Shanghai protester told CNN they were among “around 80 to 110” people detained by police on Saturday night, adding they were released 24 hours later.

    CNN cannot independently verify the number of protesters detained and it is unclear how many people, if any, remain in custody.

    The protester said the detainees had their phones confiscated on board a bus that took them to a police station, where officers collected their fingerprints and retina patterns.

    According to the protester, police told those detained they had been used by “ill-intentioned people who want to start a color revolution,” pointing to nationwide protests breaking out on the same day as evidence of that.

    The protester said police returned their phone and camera upon their release, but officers had deleted the photo album and removed the WeChat social media app.

    In Beijing, police vehicles, many parked with their lights flashing, lined eerily quiet streets on Monday morning throughout parts of the capital, including near Liangmaqiao in the city’s central Chaoyang district, where a large crowd of protesters had gathered Sunday night.

    The demonstration, which saw hundreds marching down the city’s Third Ring Road, ended peacefully in the early hours of Monday under the close watch of lines of police officers.

    But some protesters have since received phone calls from the police inquiring about their participation.

    One demonstrator said she received a phone call from a man who identified himself as a local police officer, asking her whether she was at the protest and what she saw there. She was also told that if she had any discontent with authorities, she should complain to the police, instead of taking part in “illegal activities” such as the protest.

    “That night, the police mostly adopted a calm approach when dealing with us. But the Communist Party is very good at meting out punishment afterward,” the demonstrator told CNN.

    She said she did not wear a face mask during the demonstration. “I don’t think Omicron is that scary,” she said. But her friends who wore masks to the protest also received calls from the police – some as late as 1 a.m., she added.

    Still, the protester remained defiant. “It is our legitimate right (to protest), because the constitution stipulates that we have freedom of speech and freedom of congregation,” she said.

    Another protester, who has not heard from the police, told CNN that concern she could be the next to be called upon weighs heavily on her mind.

    “I can only seek consolation by telling myself that there were so many of us who took part in the protest, they can’t put a thousand people in jail,” she said.

    Meanwhile, some universities in Beijing have arranged transportation for students to return home early for winter break and take classes online, citing an effort to reduce Covid risks for students taking public transportation.

    But the arrangement also conveniently discourages students from gathering, following demonstrations on a series of campuses over the weekend, including the prestigious Tsinghua University where hundreds of students shouted for “Democracy and rule of law! Freedom of expression!”

    Given the long history of student-led movements in modern China, authorities are particularly concerned about political rallies on university campuses.

    Beijing’s universities have been the source of demonstrations which kicked off the May Fourth Movement in 1919, to which the Chinese Communist Party traces its roots, as well as the Tiananmen Square protests in 1989, which were brutally crushed by the Chinese military.

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  • As China grapples with rare protests, Shanghai Disneyland shuts over Covid curbs once again | CNN Business

    As China grapples with rare protests, Shanghai Disneyland shuts over Covid curbs once again | CNN Business


    Hong Kong
    CNN Business
     — 

    Shanghai Disneyland has been closed again because of China’s Covid restrictions, just days after reopening following a previous pandemic-related closure.

    The theme park will close from Tuesday, November 29 “to follow the requirement of pandemic prevention and control,” Shanghai Disney Resort said in a statement on Tuesday. “We will notify guests as soon as we have a confirmed date to resume operations.”

    Disneytown, Wishing Star Park and two resort hotels will continue to operate normally, Shanghai Disney Resort said, adding that it will provide refunds or exchanges for all guests impacted during this period.

    Shanghai Disneyland had just reopened on November 25 after a pandemic-related closure on October 31, according to a notice from Shanghai Municipal People’s Government on November 26.

    Disneytown, Wishing Star Park and Shanghai Disneyland Hotel reopened earlier on November 17, but November 25 marked the resort’s return to full operations after the closure on October 31, according to the notice.

    At the time of the previous closure, which had come without any warning, all visitors were directed to stay in the park until they showed a negative test for the virus.

    Shanghai Disneyland had also taken a three-month hiatus earlier this year. It was closed in March as China’s financial hub battled a steep rise in Covid cases. The city imposed a strict lockdown shortly after, confining millions of residents to their homes and forcing shops and restaurants to close.

    The decision to close Disneyland once again comes following nationwide protests over the weekend in a rare show of dissent against the ruling Communist Party.

    For the first time in decades, thousands of people have defied Chinese authorities to protest at universities and on the streets of major cities, demanding to be freed not only from incessant Covid tests and lockdowns, but strict censorship and the Communist Party’s tightening grip over all aspects of life.

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  • China’s lockdown protests: What you need to know | CNN

    China’s lockdown protests: What you need to know | CNN


    Beijing
    CNN
     — 

    China has moved quickly to suppress demonstrations that erupted across the country over the weekend, deploying police forces at key protest sites and tightening online censorship.

    The protests were sparked by anger over the country’s increasingly costly zero-Covid policy, but as numbers swelled at demonstrations in multiple major cities, so too have the range of grievances voiced – with some calling for greater democracy and freedom.

    Among the thousands of protesters, hundreds have even called for the removal of Chinese leader Xi Jinping, who for nearly three years has overseen a strategy of mass-testing, brute-force lockdowns, enforced quarantine and digital tracking that has come at a devastating human and economic cost.

    Here’s what we know.

    The protests were triggered by a deadly fire last Thursday in Urumqi, the capital of the far western region of Xinjiang. The blaze killed at least 10 people and injured nine in an apartment building – leading to public fury after videos of the incident appeared to show lockdown measures had delayed firefighters from reaching the victims.

    The city had been under lockdown for more than 100 days, with residents unable to leave the region and many forced to stay home.

    Videos showed Urumqi residents marching to a government building and chanting for the end of lockdown on Friday. The following morning, the local government said it would lift the lockdown in stages – but did not provide a clear time frame or address the protests.

    That failed to quell public anger and the protests rapidly spread beyond Xinjiang, with residents in cities and universities across China also taking to the streets.

    So far, CNN has verified 20 demonstrations that took place across 15 Chinese cities – including the capital Beijing and financial center Shanghai.

    In Shanghai on Saturday, hundreds gathered for a candlelight vigil on Urumqi Road, named after the Xinjiang city, to mourn the fire victims. Many held up blank sheets of white paper – a symbolic protest against censorship – and chanted, “Need human rights, need freedom.”

    Some also shouted for Xi to “step down,” and sang The Internationale, a socialist anthem used as a call to action in demonstrations worldwide for more than a century. It was also sung during pro-democracy protests in Tiananmen Square in Beijing before a brutal crackdown by armed troops in 1989.

    China’s zero-Covid policies have been felt particularly acutely in Shanghai, where a two-month long lockdown earlier this year left many without access to food, medical care or other basic supplies – sowing deep public resentment.

    By Sunday evening, mass demonstrations had spread to Beijing, Chengdu, Guangzhou and Wuhan, where thousands of residents called for not only an end to Covid restrictions, but more remarkably, political freedoms. Residents in some locked-down neighborhoods tore down barriers and took to the streets.

    Protests also took place on campuses, including the prestigious institutions of Peking University and Tsinghua University in Beijing, and Communication University of China, Nanjing.

    In Hong Kong, where a national security law imposed by Beijing in 2020 has been used to stifle dissent, dozens of people gathered on Monday evening in the city’s Central district for a vigil. Some held blank pieces of paper, while others left flowers and held signs commemorating those killed in the Urumqi fire.

    Public protest is exceedingly rare in China, where the Communist Party has tightened its grip on all aspects of life, launched a sweeping crackdown on dissent, wiped out much of civil society and built a high-tech surveillance state.

    The mass surveillance system is even more stringent in Xinjiang, where the Chinese government is accused of detaining up to 2 million Uyghurs and other ethnic minorities in camps where former detainees have alleged they were physically and sexually abused.

    A damning United Nations report in September described the region’s “invasive” surveillance network, with police databases containing hundreds of thousands of files with biometric data such as facial and eyeball scans.

    China has repeatedly denied accusations of human rights abuses in the region.

    Protesters march in Beijing on November 27.

    While protests do occur in China, they rarely happen on this scale, nor take such direct aim at the central government and the nation’s leader, said Maria Repnikova, an associate professor at Georgia State University who studies Chinese politics and media.

    “This is a different type of protest from the more localized protests we have seen recurring over the past two decades that tend to focus their claims and demands on local officials and on very targeted societal and economic issues,” she said. Instead, this time the protests have expanded to include “the sharper expression of political grievances alongside with concerns about Covid-19 lockdowns.”

    There have been growing signs in recent months that the public has run out of patience with zero-Covid, after nearly three years of economic hardship and disruption to daily life.

    Isolated pockets of protest broke out October, with anti-zero-Covid slogans appearing on the walls of public bathrooms and in various Chinese cities, inspired by a banner hung by a lone protester on an overpass in Beijing just days before Xi cemented a third term in power.

    Earlier in November, larger protests took place in Guangzhou, with residents defying lockdown orders to topple barriers and cheer as they took to the streets.

    While protests in several parts of China appear to have largely dispersed peacefully over the weekend, authorities responded more forcefully in some cities.

    The Shanghai protests on Saturday led to scuffles between demonstrators and police, with arrests made in the early hours of the morning. Undeterred, protesters returned on Sunday, where they met a more aggressive response – videos show chaotic scenes of police pushing, dragging, and beating protesters.

    The videos have since been scrubbed from the Chinese internet by censors.

    One Shanghai protester told CNN he was one of around 80 to 110 people detained in the city on Saturday night. He described being transferred to a police station, having his phone confiscated and biometric information collected before being released a day later.

    CNN cannot independently verify the number of those arrested.

    A crowd surrounds a police vehicle in Shanghai, China.

    Hear protesters in China call for Xi Jinping’s resignation

    Two foreign reporters were also briefly detained. BBC journalist Edward Lawrence was arrested in Shanghai on Sunday night, with a BBC spokesperson claiming he was “beaten and kicked by the police” while covering the protests. He has since been released.

    On Monday, a spokesperson for China’s Foreign Ministry said Lawrence had not identified himself as a journalist before being detained.

    Michael Peuker, China correspondent for Swiss public broadcaster RTS, was reporting live when he said several police officers approached him. He later posted on Twitter that the officers took him and his cameraman into a vehicle, before releasing them.

    Police form a cordon  during a protest in Beijing on November 27.

    China’s Foreign Ministry spokesperson deflected questions about the protests on Monday, telling a reporter who asked whether the widespread displays of public anger would make China consider ending zero-Covid: “What you mentioned does not reflect what actually happened.”

    He also claimed that social media posts linking the Xinjiang fire with Covid policies had “ulterior motives,” and that authorities have been “making adjustments based on realities on the ground.” When asked about protesters calling on Xi to step down, he replied: “I’m not aware of the situation you mentioned.”

    State-run media has not directly covered the demonstrations – but praised zero-Covid, with one newspaper on Sunday calling it “the most scientifically effective” approach.

    In recent days, vigils and demonstrations expressing solidarity with protesters in China have been held around the world, including in the United Kingdom, Canada and Australia.

    As news of the protests made international headlines, foreign government officials and organizations voiced support for the protesters and criticized Beijing’s response.

    “We’re watching this closely, as you might expect we would,” said US National Security Council Coordinator for Strategic Communications John Kirby on Monday. “We continue to stand up and support the right of peaceful protest.”

    China Protest White Paper 2 SCREENGRAB

    Why protesters in China are holding up white paper

    UK Foreign Secretary James Cleverly told reporters the Chinese government should “listen to the voices of its own people … when they are saying that they are not happy with the restrictions imposed upon them.”

    The European Broadcasting Union (EBU) also said on Monday that it condemned “the intolerable intimidation and aggression” directed toward member journalists in China, in an apparent reference to the foreign journalists who were detained.

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  • At the heart of China’s protests against zero-Covid, young people cry for freedom | CNN

    At the heart of China’s protests against zero-Covid, young people cry for freedom | CNN

    A version of this story appeared in CNN’s Meanwhile in China newsletter, a three-times-a-week update exploring what you need to know about the country’s rise and how it impacts the world. Sign up here.



    CNN
     — 

    For the first time in decades, thousands of people have defied Chinese authorities to protest at universities and on the streets of major cities, demanding to be freed not only from incessant Covid tests and lockdowns, but strict censorship and the Communist Party’s tightening grip over all aspects of life.

    Across the country, “want freedom” has become a rallying cry for a groundswell of protests mainly led by the younger generation, some too young to have taken part in previous acts of open dissent against the government.

    “Give me liberty or give me death!” crowds by the hundreds shouted in several cities, according to videos circulating online, as vigils to mark the deaths of at least 10 people in a fire in Xinjiang spiraled into political rallies.

    Videos circulating online seem to suggest China’s strict zero-Covid policy initially prevented emergency workers from accessing the scene, angering residents across the country who have endured three years of varying Covid controls.

    Some protesters chanted for free speech, democracy, the rule of law, human rights, and other political demands across cities from the eastern financial hub of Shanghai to the capital Beijing, the southern metropolis of Guangzhou and Chengdu in the west.

    CNN has verified protests in 16 locations, with reports of others held in dozens of other cities and universities across the country.

    Protesters take to Hong Kong’s streets in solidarity with mainland

    While protests in several parts of China appear to have largely dispersed peacefully over the weekend, some met a stronger response from authorities – and security has been tightened across cities in a country were authorities have far-reaching surveillance and security capabilities.

    In Beijing, a heavy police presence was apparent on Monday evening, a day after protests broke out there. Police vehicles, many parked with their lights flashing, lined eerily quiet streets throughout parts of the capital, including near Liangmaqiao in the city’s central Chaoyang district, where a large crowd of protesters had gathered Sunday night.

    When asked Monday whether “the widespread display of anger and frustration” seen across the country could prompt China to move away from its zero-Covid approach, a Foreign Ministry spokesman dismissed suggestions of dissent.

    “What you mentioned does not reflect what actually happened,” said spokesperson Zhao Lijian, who added that authorities had been “making adjustments” to their Covid policies based on “realities on the ground.”

    “We believe that with the leadership of the Chinese Communist Party and the Chinese people our fight against Covid-19 will be successful,” he said.

    Demonstrators hold up blank sheets of paper during a protest in Beijing on November 28.

    In a symbolic protest against ever-tightening censorship, young demonstrators across China held up sheets of white paper – a metaphor for the countless critical posts, news articles and outspoken social media accounts that were wiped from the internet.

    “I think in a just society, no one should be criminalized for their speech. There shouldn’t be only one voice in our society – we need a variety of voices,” a Beijing protester told CNN in the early hours of Monday as he marched down the city’s Third Ring Road with a thin pile of white A4 paper.

    “I hope in the future, I will no longer be holding a white piece of paper for what I really want to express,” said the protester, who CNN is not naming due to concerns about repercussions for speaking out.

    The United Nations on Monday urged Chinese authorities to guarantee people’s “right to demonstrate peacefully,” Secretary General spokesperson Stephane Dujarric said at a daily briefing.

    Britain’s Foreign Secretary James Cleverly said China’s ruling Communist Party should “take notice” of the protests.

    “Protests against the Chinese government are rare. And so when they do happen, I think it’s worth us taking note, but more importantly, I think it’s incumbent on the Chinese government to take notice of its own people,” Cleverly told reporters.

    Throughout the weekend, censors moved swiftly to scrub videos and photos of the protests from the Chinese internet, though the startling images made headlines worldwide.

    In online commentaries, Chinese state media made no mention of the protests, instead focusing on the strengths of Beijing’s anti-Covid policies, emphasizing they were both “scientific and effective.”

    But to many protesters, the demonstrations are about much more than Covid – they’re bringing together many liberal-minded young people whose attempts to speak out might otherwise be thwarted by strict online censorship.

    A Shanghai resident in their 20s who took part in the candlelight vigil in the early hours of Sunday said they were greeted by other young people holding white papers, flowers and shouting “want freedom” as they walked toward the makeshift memorial.

    “My friends and I have all experienced Shanghai’s lockdown, and the so-called ‘iron fist’ (of the state) has fallen on all of us,” they told CNN, “That night, I felt that I could finally do something. I couldn’t sit still, I had to go.”

    They broke into tears quietly in the crowd as the chants demanding freedom grew louder.

    “At that moment, I felt I’m not alone,” they said. “I realized that I’m not the only one who thinks this way.”

    Shanghai residents held a candlelight vigil to mourn the victims of the Xinjiang fire on November 26.

    In some cases, the protests have taken on an even more defiant tone and openly called for political change.

    During the first night of the demonstrations in Shanghai, a crowd shouted “Step down, Xi Jinping! Step down, Communist Party!” in an unprecedented, direct challenge to the top leader. On Sunday night, some protesters again chanted for the removal of Xi.

    In Chengdu, the protesters did not name Xi, but their message was hard to miss. “Opposition to dictatorship!” chanted hundreds of people packing the bustling river banks in a popular food and shopping district on Sunday evening, according to videos and a participant.

    “We don’t want lifelong rulers. We don’t want emperors!” they shouted in a thinly veiled reference to the Chinese leader, who last month began a norm-shattering third term in office.

    According to the participant, the crowd also protested against revisions to the party charter and the state constitution – which enabled Xi to further cement his hold on power and scrap presidential term limits.

    Much like in Shanghai, the gathering started as a small candlelight vigil for people killed in the fire in Urumqi on Thursday.

    Demonstrators in Chengdu held a candlelight vigil for the victims of the Xinjiang fire on November 27.

    But as more people gathered, the vigil turned into a louder arena to air political grievances.

    “Everyone started shouting these slogans very naturally,” the participant said. “It is so rare that we have such a large-scale gathering and demonstration. The words of mourning didn’t feel enough, and we had to shout out some words that we want to say.”

    To her, the experience of suffocating censorship inevitably fuels desire for “institutional and spiritual freedom,” and mourning the victims and demanding democracy and freedom are two “inseparable” things.

    “We all know that the reason why we have to keep undergoing lockdowns and Covid tests is that this is a political movement, not a scientific and logical response of epidemic prevention,” she said. “That’s why we have more political demands other than lifting lockdowns.”

    The Chengdu protester said she felt encouraged by the wave of demonstrations sweeping the country.

    “It turns out there are so many people who are wide awake,” she said. “I feel like I can see a glimmer of light coming through ahead.”

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  • ‘Down with Xi Jinping’: Why Chinese protesters are holding blank sheets of paper

    ‘Down with Xi Jinping’: Why Chinese protesters are holding blank sheets of paper

    Protests in China are rare, so the current protests against the Xi government’s zero-COVID-19 policy are all the more conspicuous globally. Public discontent snowballed into public dissent after the death of 10 people in an apartment fire in Urumqi, Xinjiang. People believe that lockdown measures delayed rescue operations. Now, as protests mushroom across the country, protesters have turned to blank sheets of paper to express their anger. But what does the white blank paper stand for? 

    It’s a form of silent protest to evade censorship or arrests and is an oft-used expression. In 2020 in Hong Kong, activists held up blank sheets of paper to protest the national security law. In 2022, dissenters in Moscow held up blank sheets to protest the Russia-Ukraine war. Now, images of protesters at universities in Nanjing and Beijing have been spotted holding white sheets of paper in silent protests.

    On Saturday, a crowd gathered to hold a candlelight vigil in Shanghai for the Urumqi victims. They held up white sheets of paper. Likewise, on Sunday, protesters at Beijing’s Tsinghua University and along the 3rd Ring Road near Liangma River were spotted holding white paper sheets. 

    The candlelight vigil turned into a protest and people shouted, “Lift lockdown for Urumqi, lift lockdown for Xinjiang, lift lockdown for all of China”, while some shouted, “Down with the Chinese Communist Party, down with Xi Jinping”.

    One video that has since gone viral shows a lone woman holding a white sheet of paper before a man walks in to snatch it away. 

    One protester told Reuters that the white paper represents everything they want to say but cannot. 

    Internet users also showed solidarity by posting blank white squares or photos of themselves holding blank sheets of paper. The hashtag ‘white paper exercise’ was blocked on Weibo by Sunday morning. 

    Protests do not take place frequently in China as President Xi Jingping’s government has almost completely muzzled dissent. People are forced to take to social media to protest.

    China’s zero-COVID-19 policy, even as most of the world is trying to coexist with the virus, has left its citizens disgruntled. The city of Urumqi, where the apartment fire happened, has been under lockdown for as long as 100 days. 

    (With agency inputs)

    Also read: ‘Xi Jinping step down’: Protests flare over China’s zero-Covid policy; all you need to know

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  • China reaffirms Xi’s dominance, removes No. 2 Li Keqiang

    China reaffirms Xi’s dominance, removes No. 2 Li Keqiang

    BEIJING — China’s ruling Communist Party reaffirmed President Xi Jinping’s continued dominance in running the nation Saturday, one day ahead of giving him a widely expected third five-year term as leader.

    A party congress effectively removed Premier Li Keqiang from senior leadership. Li, the nation’s No. 2 official, is a proponent of market-oriented reforms, which are in contrast to Xi’s moves to expand state control over the economy.

    The weeklong meeting, as it wrapped up Saturday, also wrote Xi’s major policy initiatives on the economy and the military into the party’s constitution, as well as his push to rebuild and strengthen the party’s position by declaring it absolutely central to China’s development and future.

    Analysts were watching for signs of any weakening of or challenge to Xi’s position, but none was apparent. The removal of Li, while not unexpected, signaled Xi’s continuing tight hold on power in the world’s second-largest economy.

    “The congress calls on all party members to acquire a deep understanding of the decisive significance of establishing comrade Xi Jinping’s core position on the party Central Committee and in the party as a whole and establishing the guiding role of Xi Jinping Thought,” said a resolution on the constitution approved at Saturday’s closing session.

    “Xi Jinping Thought” refers to his ideology, which was enshrined in the party charter at the previous congress in 2017.

    In brief closing remarks, Xi said the revision to the constitution “sets out clear requirements for upholding and strengthening the party’s overall leadership.”

    Li was among four of the seven members of the party’s all-powerful Politburo Standing Committee who were missing from its new 205-member Central Committee, which was formally elected at the closing session.

    That means they won’t be reappointed to the Standing Committee in a leadership shuffle that will be unveiled Sunday. Xi is widely expected to retain the top spot, getting a third term as general secretary.

    The three others who were dropped were Vice Premier Han Zheng, party advisory body head Wang Yang, and Li Zhanshu, a longtime Xi ally and the head of the largely ceremonial legislature.

    Li Keqiang will remain as premier for about six more months until a new slate of government ministers is named.

    If he had stayed on the Standing Committee, it would have indicated some possible pushback within the leadership against Xi, particularly on economic policy. Li had already been largely sidelined, though, as Xi has taken control of most aspects of government.

    The more than 2,300 delegates to the party congress — wearing blue surgical masks under China’s strict “zero-COVID” policy — met in the Great Hall of the People in central Beijing.

    Most media, including all foreign journalists, were not allowed into the first part of the meeting when the voting took place.

    Former Chinese President Hu Jintao, Xi’s predecessor as party leader, was helped off the stage a little more than two hours into the 3.5-hour meeting without explanation.

    Hu, 79, spoke briefly with Xi, whom he had been sitting next to in the front row, before walking off with an assistant holding him by the arm. Jiang Zemin, 96, who was president before Hu, did not appear at this congress.

    As speculation swirled in some Western media about the reason for Hu’s departure, China’s official Xinhua News Agency tweeted late Saturday that he was not feeling well and had been accompanied to a nearby room for a rest.

    Only 11 women were among the 205 people named to the Central Committee, or about 5% of the total. Members of minority groups made up 4%. Those percentages were roughly the same as in the last Central Committee.

    At least one committee member, Wang Junzheng, the Communist Party leader in Tibet, has been sanctioned by the U.S. for human rights abuses.

    Police were stationed along major roads, with bright-red-clad neighborhood watch workers at regular intervals in between, to keep an eye out for any potential disruptions.

    An individual caught authorities by surprise last week by unfurling banners from an overpass in Beijing that called for Xi’s removal and attacked his government’s tough pandemic restrictions.

    A report read by Xi at the opening session of the congress a week ago showed a determination to stay on the current path in the face of domestic and international challenges.

    Xi has emerged during his first decade in power as one of China’s most powerful leaders in modern times, rivaling Mao Zedong, who founded the communist state in 1949 and led the country for a quarter-century.

    A third five-year term as party leader would break an unofficial two-term limit that was instituted to try to prevent the excesses of Mao’s one-person rule, notably the tumultuous 1966-76 Cultural Revolution, under which Xi suffered as a youth.

    Xi has put loyalists in key positions and taken personal charge of policy working groups. In contrast, factions within the party discussed ideas internally under Hu and Jiang, his two immediate predecessors, said Ho-fung Hung, a professor of political economy at Johns Hopkins University.

    “Right now, you don’t really see a lot of internal party debates about these different policies and there is only one voice there,” he said.

    Xi has emphasized the central role of the Communist Party, expanding state control over society as well as the economy. In his remarks, he said the party, which marked its 100th anniversary last year, is still in its prime.

    “The Communist Party of China is once again embarking on a new journey on which it will face new tests,” he said.

    The congress concluded by playing the communist anthem, “The Internationale.”

    ———

    Associated Press writer Kanis Leung in Hong Kong contributed to this report.

    ———

    The title for Standing Committee member Han Zheng has been corrected to vice premier, not Shanghai party chief, his former position.

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  • ‘Momentous’: Asian Americans laud Anna May Wong’s US quarter

    ‘Momentous’: Asian Americans laud Anna May Wong’s US quarter

    More than 60 years after Anna May Wong became the first Asian American woman to receive a star on the Hollywood Walk of Fame, the pioneering actor has coined another first, quite literally.

    With quarters bearing her face and manicured hand set to start shipping Monday, per the U.S. Mint, Wong will be the first Asian American to grace U.S. currency. Few could have been more stunned at the honor than her niece and namesake, Anna Wong, who learned about the American Women Quarters honor from the Mint’s head legal consul.

    “From there, it went into the designs and there were so many talented artists with many different renditions. I actually pulled out a quarter to look at the size to try and imagine how the images would transfer over to real life,” Anna Wong wrote in an email to The Associated Press.

    The elder Wong, who fought against stereotypes foisted on her by a white Hollywood, is one of five women being honored this year as part of the program. She was chosen for being “a courageous advocate who championed for increased representation and more multi-dimensional roles for Asian American actors,” Mint Director Ventris Gibson said in a statement.

    The other icons chosen include writer Maya Angelou; Dr. Sally Ride, an educator and the first American woman in space; Wilma Mankiller, the first female elected principal chief of the Cherokee Nation; and Nina Otero-Warren, a trailblazer for New Mexico’s suffrage movement.

    Wong’s achievement has excited Asian Americans inside and outside of the entertainment industry.

    Her niece, whose father was Anna May Wong’s brother, will participate in an event with the Mint on Nov. 4 at Paramount Studios in Los Angeles. One of Wong’s movies, “Shanghai Express,” will be screened, followed by a panel discussion.

    Arthur Dong, the author of “Hollywood Chinese,” said the quarter feels like a validation of not just of Wong’s contributions, but of all Asian Americans’. A star on the Walk of Fame is huge, but being on U.S. currency is a whole other stratosphere of renown.

    “What it means is that people all across the nation — and my guess is around the world — will see her face and see her name,” Dong said. “If they don’t know anything about her, they will … be curious and want to learn something about her.”

    Born in Los Angeles in 1905, Wong started acting during the silent film era. While her career trajectory coincided with Hollywood’s first Golden Age, things were not so golden for Wong.

    She got her first big role in 1922 in “The Toll of the Sea,” according to Dong’s book. Two years later, she played a Mongol slave in “The Thief of Bagdad.” For several years, she was stuck receiving offers only for femme fatale or Asian “dragon lady” roles.

    She fled to European film sets and stages, but Wong was back in the U.S. by the early 1930s and again cast as characters reliant on tropes that would hardly be tolerated today. These roles included the untrustworthy daughter of Fu Manchu in “Daughter of the Dragon” and a sex worker in “Shanghai Express.”

    She famously lost out on the lead to white actor Luise Rainer in 1937’s “The Good Earth,” based on the novel about a Chinese farming family. But in 1938, she got to play a more humanized, sympathetic Chinese American doctor in “King of Chinatown.”

    The juxtaposition of that film with her other roles is the focus of one day in a monthlong program, “Hollywood Chinese: The First 100 Years,” that Dong is curating at the Academy Museum of Motion Pictures in Los Angeles in November.

    “(‘King of Chinatown’) was part of this multi-picture deal at Paramount that gave her more control, more say in the types of films she was going to be participating in,” he said. “For a Chinese American woman to have that kind of multi-picture deal at Paramount, that was quite outstanding.”

    By the 1950s, Wong had moved on to television appearances. She was supposed to return to the big screen in the movie adaptation of Rodgers and Hammerstein’s “Flower Drum Song” but had to bow out because of illness. She died on Feb. 2, 1961, a year after receiving her star.

    Bing Chen, co-founder of the nonprofit Gold House — focused on elevating representation and empowerment of Asian and Asian American content — called the new quarter “momentous.” He praised Wong as a star “for generations.”

    But at the same time, he highlighted how anti-Asian hate incidents and the lack of representation in media still persist.

    “In a slate of years when Asian women have faced extensive challenges — from being attacked to objectified on screen to being the least likely group to be promoted to corporate management — this currency reinforces what many of us have known all along: (they’re) here and worthy,” Chen said in a statement. “It’s impossible to forget, though, as a hyphenated community, that Asian Americans constantly struggle between being successful and being seen.”

    Asian American advocacy groups outside of the entertainment world also praised the new quarters. Norman Chen, CEO of The Asian American Foundation, plans to seek the coins out to show to his parents.

    “For them to see an Asian American woman on a coin, I think it’d be really powerful for them. It’s a dramatic symbol of how we are so integral to American society yet still seen in stereotypical ways,” he said. “But my parents will look at this. They will be pleasantly surprised and proud.”

    To sum it up, Chen said, it’s a huge step: “Nothing is more American than our money.”

    ———

    Terry Tang is a member of The Associated Press’ Race and Ethnicity team. Follow her on Twitter at https://twitter.com/ttangAP

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  • China party congress offers look at future leaders

    China party congress offers look at future leaders

    BEIJING — While Xi Jinping is primed to receive a third term as head of China’s ruling Communist Party on Sunday, it is unknown who will join him for the next five years on the party’s leading bodies, the Central Committee and the Politburo.

    Analysts will scrutinize who joins, and who leaves, for any clues about the future direction of policy as well as just how much power the 69-year-old Xi has been able to amass as one of China’s most influential figures in the country’s modern political history.

    Most closely watched will be the Politburo Standing Committee, whose size fluctuates but has stood at seven members under Xi. Based on past practice, the new lineup will be revealed when the members walk out from behind a curtain Sunday, one day after the end of a weeklong party congress.

    The positions they take on stage, to Xi’s left and right, will indicate their rank within what is considered the inner circle of power. Leading contenders include both current members and newcomers:

    ———

    PREMIER LI KEQIANG

    One major question is the future of the party’s No. 2 official, Premier Li Keqiang, who has been on the Standing Committee since 2012 and is primarily responsible for heading the cabinet and managing the world’s second-largest economy.

    The 67-year-old Li is regarded as an advocate of market reforms and private enterprise, in contrast to Xi, who favors state-led development with an emphasis on technological self-reliance and reducing the large gap between rich and poor.

    Li has had little impact on policymaking since Xi sidelined him politically, but he has led efforts to promote consumption-led economic growth and reduce reliance on exports and investment, employing tactics that some other countries say violate China’s free-trade commitments.

    Though he has said he will step down as premier next year, he is still eligible to stay on the Standing Committee. If he remains, analysts say that might indicate that supporters of a more market-driven economy have tempered Xi’s push for greater state control.

    ADVISORY BODY HEAD WANG YANG

    Other possible holdovers include Wang Yang, who joined the Standing Committee in 2017 and is also regarded as a member of the wing that favors markets, private enterprise and economic experimentation.

    Wang heads the Chinese People’s Political Consultative Conference, a party-controlled advisory body made up of representatives from various sectors such as religious groups, professional organizations and chambers of commerce.

    He won plaudits in 2011 for defusing protests by residents of the fishing village of Wukan over land sales by local officials.

    POLITICAL THEORIST WANG HUNING

    Longtime party political theorist Wang Huning is seen as likely to stay on the Standing Committee. He may move up to head of the National People’s Congress, the largely ceremonial legislature, which would make him one of the top three party officials.

    VICE PREMIER HU CHUNHUA

    Among possible newcomers, Vice Premier Hu Chunhua is considered one of those with the best chance. He was a top official in Guangdong province from 2012 to 2017, where he led a crackdown on “naked officials” who work in China but have sent their families to live abroad, considered an indication of corruption.

    Hu rose through the party’s Communist Youth League, which is seen as a separate faction from Xi’s circle and politically close to Xi’s predecessor, former party leader and President Hu Jintao.

    Hu Chunhua is known as a boy wonder who ranked first in China’s national university entrance examinations and became the youngest person to hold several official posts.

    He spent the first two decades of his career in Tibet, where he promoted economic development and oversaw efforts to suppress pro-independence sentiment. He was thereafter appointed party secretary for the Inner Mongolia region.

    SHANGHAI CHIEF LI QIANG

    Li Qiang has been party secretary of Shanghai, China’s largest city and financial hub, since 2017. The post was previously held by Xi, former President Jiang Zemin and former Premier Zhu Rongji.

    Li is regarded as being close to Xi after serving under him in the southeastern province of Zhejiang, a center for export-oriented manufacturing and private enterprise.

    His reputation was dented by a lengthy lockdown of Shanghai earlier this year that confined 25 million people to their homes, disrupted the economy and prompted scattered public protests.

    CHONGQING LEADER CHEN MIN’ER

    Chen Min’er, another Xi ally who worked under him in Zhejiang province, has served as party secretary of the vast southwestern city of Chongqing since 2017.

    The 62-year-old Chen is regarded by analysts as a rising star whom Xi might want to promote in order to secure his legacy in the next generation.

    Chen has never held a national-level position but is seen as a capable leader who made Chongqing’s government more responsive and efficient after a turbulent period under the now-imprisoned Bo Xilai, who was a Xi rival.

    He previously held the top post in Guizhou, a relatively poor southern province, from 2012 to 2017.

    ———

    The guessing game aside, some question how much the makeup of the Standing Committee matters given Xi’s steely hold on power and the lack of significant policy or ideological differences.

    With his combative approach, Xi is more of a politician in the mold of communist China’s founder Mao Zedong than his more collegial predecessors, who sought to encourage the private sector and maintain good relations with the West.

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  • Elon Musk Backs China Special Zone For Taiwan That’d Be “More Lenient Than Hong Kong” — Report

    Elon Musk Backs China Special Zone For Taiwan That’d Be “More Lenient Than Hong Kong” — Report

    Elon Musk, the world’s richest man, suggested in an interview published on Friday that Taiwan become a special administrative zone of China, according to a report in The Guardian.

    Musk told the Financial Times: “My recommendation … would be to figure out a special administrative zone for Taiwan that is reasonably palatable, probably won’t make everyone happy. And it’s possible, and I think probably, in fact, that they could have an arrangement that’s more lenient than Hong Kong,” the Guardian reported.

    Tesla, though headquartered in the U.S., made about half of its cars last year in mainland China, the world’s largest auto market.

    Chinese Communist Party-led Beijing claims sovereignty over democratic, self-governed Taiwan; the two sides have been divided since the end of a civil war in China in 1949.

    Musk was born in South Africa and is currently a U.S. citizen. He has a fortune worth $219 billion on the Forbes Real-Time Billionaires List today.

    The auto entrepreneur also waded into global politics recently by suggesting that the Ukraine cede the Crimea to Russia, drawing criticism from Ukraine.

    See related posts:

    Taiwan Businesses Support Reduction in Dependence on Mainland China

    Warren Buffett-Backed BYD’s Sales Soared To Record In September

    @rflannerychina

    Russell Flannery, Forbes Staff

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