Wednesday, 21 May 2025
America Age
  • Trending
  • World
  • Politics
  • Opinion
  • Business
    • Economy
    • Real Estate
    • Money
    • Crypto & NFTs
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion / Beauty
    • Art & Books
    • Culture
  • Health
  • Sports
  • Entertainment
Font ResizerAa
America AgeAmerica Age
Search
  • Trending
  • World
  • Politics
  • Opinion
  • Business
    • Economy
    • Real Estate
    • Money
    • Crypto & NFTs
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion / Beauty
    • Art & Books
    • Culture
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 America Age. All Rights Reserved.
America Age > Blog > World > Foreign business groups in China wary as new Xi term begins
World

Foreign business groups in China wary as new Xi term begins

Enspirers | Editorial Board
Share
Foreign business groups in China wary as new Xi term begins
SHARE

By Josh Horwitz

SHANGHAI, Oct 24 (Reuters) –

Overseas business groups in China expressed on Monday wariness about President’s Xi Jinping’s newly unveiled leadership team and his stated priorities, with some urging against greater state intervention in the market.

Eric Zheng, president of the American Chamber of Commerce in Shanghai, told Reuters the chamber was “encouraged” by a commitment to deepening reform and opening up expressed in Xi’s speech at a Communist Party Congress that concluded on Sunday.

“However, at a time when China’s economy faces a challenging environment, we are concerned that the use of non-market tools such as government subsidies to support the state sector could be counterproductive,” he said.

Xi secured a precedent-breaking third leadership term on Sunday and introduced a new Politburo Standing Committee stacked with loyalists, triggering a sharp slump in mainland and Hong Kong stocks as investors sold on fears that economic growth would be sacrificed for ideology-driven policies.

The European Union Chamber of Commerce in China said in a statement it was taking a “wait-and-see” approach to the impact of the Congress as major policy announcements would likely not surface until March 2023, when the party convenes for annual meetings known as the “two sessions.”

While the European business group was positive on remarks Xi made on environmental protection, it said it wanted more clarity on how China planned to remain committed to reform and opening up but also how it would “stay independent and self-reliant”.

“It is not clear how these two statements can be reconciled in practice,” it said.

Steve Lynch, managing director of the British Chamber of Commerce in China, said that while the remarks at the congress pointed to some continuity with the past, the chamber had seen “considerable shifts” in certain policies, and it had to wait to see how they would be implemented.

Overseas businesses in China have grown increasingly critical of policies such as a tough zero-tolerance stance on COVID-19, which they say is discouraging investment and preventing them from attracting foreign staff. (Reporting by Josh Horwitz; Editing by Robert Birsel)

Share This Article
Twitter Email Copy Link Print
Previous Article Xi Rewards Combat-Ready China Generals as Taiwan Tensions Rise Xi Rewards Combat-Ready China Generals as Taiwan Tensions Rise
Next Article Stocks plunge on fears for Chinese economy as Xi surrounds himself with zero-Covid acolytes Stocks plunge on fears for Chinese economy as Xi surrounds himself with zero-Covid acolytes

Your Trusted Source for Accurate and Timely Updates!

Our commitment to accuracy, impartiality, and delivering breaking news as it happens has earned us the trust of a vast audience. Stay ahead with real-time updates on the latest events, trends.
FacebookLike
TwitterFollow
InstagramFollow
LinkedInFollow
MediumFollow
QuoraFollow
- Advertisement -
Ad image

Popular Posts

A shocking variety of headphones and audio system are on sale forward of Black Friday

Desk of Contents Desk of Contents Desk of Contents Greatest headphones deal forward of Black…

By Enspirers | Editorial Board

Cyber Monday AirPods offers are dwell — get the AirPods Professional 2 earlier than they promote out

Desk of Contents Desk of Contents Desk of Contents Greatest AirPods Professional deal Why we…

By Enspirers | Editorial Board

Kim Kardashian Refuses to Give Up Heels Even With Damaged Foot

Kim Kardashian is refusing to let her latest foot harm maintain her from rocking fashionable…

By Enspirers | Editorial Board

Putin proposes to revoke citizenship for spreading ‘fake news’ about Russian army

Russian dictator Vladimir PutinThe Kremlin-controlled news outlet RIA Novosti reported in its channel on the…

By Enspirers | Editorial Board

You Might Also Like

Victoria, UK’s oldest polar bear, put down after well being issues
World

Victoria, UK’s oldest polar bear, put down after well being issues

By Enspirers | Editorial Board
China ‘seriously concerned’ over Trump’s Golden Dome protection system – dwell
World

China ‘seriously concerned’ over Trump’s Golden Dome protection system – dwell

By Enspirers | Editorial Board
Former Ukrainian presidential aide reportedly shot useless in Madrid – Europe dwell
World

Former Ukrainian presidential aide reportedly shot useless in Madrid – Europe dwell

By Enspirers | Editorial Board
Russia-Ukraine battle stay: Putin visits Kursk area for first time since recapturing from Ukraine
World

Russia-Ukraine battle stay: Putin visits Kursk area for first time since recapturing from Ukraine

By Enspirers | Editorial Board
America Age
Facebook Twitter Youtube

About US


America Age: Your instant connection to breaking stories and live updates. Stay informed with our real-time coverage across politics, tech, entertainment, and more. Your reliable source for 24/7 news.

Company
  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement
Contact Us
  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability
Terms of Use
  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices
© 2024 America Age. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?