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MNI China Press Digest October 24: Xi Jinping, CPC, Investment

MNI (Singapore)
MNI (Beijing)

The following lists highlights from Chinese press reports on Monday:

  • The 20th National Congress of the Communist Party of China delivered Xi Jinping a third term as head of the Party and the military and a new batch of both young and experienced cadres were appointed to the Central Committee, the Party-run People’s Daily said in an editorial on Monday. The Party must have a strong and collective leadership to create new great achievements under the complex and severe uncertainties at home and abroad, the newspaper said. It is necessary to improve political judgment and safeguard the authority of the Party with Xi at its core, and unify thoughts and actions into the major decisions and arrangements made at the Congress, forming a strong synergy to realise the Chinese dream together, the newspaper said.
  • The 20th National Congress of China’s ruling Communist Party elected a new 205-person Central Committee made up of officials from the State Council, National People’s Congress, military, armed police force, and party secretaries from 31 provinces, Caixin reported. It includes 167 people born in the 1960s and 38 people born in the 1950s, the first time those born in the 1960s have been the majority, said Caixin. This compares to the 19th Central Committee where the proportion of those born in the 50s and 60s was 80% and 20%. The youngest members include Yin Yong, deputy party secretary of Beijing city, Zhao Gang, deputy party secretary of Shanxi province and Zhao Long, governor of Fujian province, said Caixin.
  • China should continue to speed up the use of infrastructure-back local government special bonds and quicken construction work before the weather turns cold, the Securities Daily reported citing analysts. The use of special bonds should also be expanded to fund a wider range of projects and next year’s special bond quota should be front-loaded to provide support for steady growth early next year, analysts were cited as saying. Infrastructure investment is expected to grow about 10% y/y this year, playing a driving role in stabilising economic growth, with a total CNY3.69 trillion of special bonds being issued as of October 23, the newspaper said.

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