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China faces a host of urgent challenges on power shortages, property company debt repayments and tension over Taiwan.
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Chinese President Xi Jinping does not plan to attend a summit of the world's 20 leading economies at the end of October in Rome, Bloomberg reported on Wednesday, citing four people familiar with the matter.
The G-20 summit on Oct. 30-31 is preceded by an Oct. 13 meeting of G-20 central bank chiefs and finance ministers in Washington expected to lay the groundwork for a coordinated economic response to boost economic growth as countries recover from pandemic lockdowns. People's Bank of China Governor Yi Gang is among those listed as attending.
China's financial markets and government offices are shut through Thursday with news awaited on a potential sale of a Hong Kong-listed unit of China Evergrande Group and potential regulator views on China's property market, see: MNI (RPT):China May Loosen Mortgage Rules In Property Slump.
Maneuvers by China's military at the weekend and this week in Taiwan's airspace were followed by a call between Xi and President Joe Biden on Wednesday. Biden told reporters that he and Xi reaffirmed agreement on Taiwan. Top envoys from the U.S. and China are slated to meet this week in Zurich, Switzerland, to discuss tensions over Taiwan, which Beijing claims as a province of China.
As well, China has grappled with power shortages as coal supplies become scarce, prompting the government to call for reduced power usage.