Xi Jinping secures 2nd term as head of China's ruling Communist Party

Agencies
October 25, 2017

Beijing, Oct 25: Xi Jinping today secured a second five-year term as the head of the ruling Communist Party as it unveiled its new leadership with the Chinese president attaining iconic status enjoyed by modern China's founder Chairman Mao Zedong.

Xi, 64, was elected in a closed-door vote to head the Politburo Standing Committee while Prime Minister Li Keqiang retained his seat on the ruling council alongside five new members.

Xi and Li walked along with members of the new Politburo Standing Committee before a media event telecast live all over world from Beijing's massive Great Hall of the People.

Five other men replaced comrades who had reached an informal retirement age of 68. Xi in a brief address, thanked the national and international media for working hard in reporting about the Congress.

He spoke about the China entering new era of modernisation. "As I look ahead to the next five years, I see several important junctures and signposts," Xi said.

Stating that the coming five years between the 19th and the 20th Party Congress is the period in which the timeframes of the two Centenary goals will converge, Xi said, "Not only we must deliver the first centenary goal, we must also embark on the journey towards the second centenary goal."

"With decades of hard work, socialism with Chinese characteristics has entered a new era. In this new context, we must get a new look and, more importantly, make new accomplishments," he said.

"Peace and development are precious and should be valued. The CPC will work with other countries for shared future and the noble cause of peace and development of all humanity," he said.

Though the ruling Communist Party of China (CPC) is guided by the collective leadership principle, Xi who emerged as the post powerful leader with his ideological thoughts incorporated in the party constitution and declared earlier as "core leader" has acquired a higher status than other members of the Standing Committee and party, therefore expected to have his way on all policy matters.

Xi, who heads the party, presidency and the military has stamped his authority with massive anti-corruption campaign, the multi-billion dollar Belt and Road Initiative (BRI) to spread Chinas influence in the world.

The once-in-five-years Congress of the CPC on its final day yesterday approved Xi's ideology to be written into its Constitution, which is in addition to the title of "core leader" conferred on him last year that analysts say enhances his leadership status above other leaders of the party.

Till now, only the thoughts of Mao and his successor Deng Xiaoping were enshrined in the Constitution of the world's longest ruling Communist Party, interpreting the complex doctrine of Marxism with Chinese characteristics.

The thoughts of Deng, China's reformist leader, were added posthumously. The thoughts of two of Xi's predecessors, Jiang Zemin and Hu Jintao, were mentioned in the Constitution but not their names. This makes Xi only the third leader to have his thoughts on governance enshrined, which will now be part of school textbooks all over China.

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News Network
June 2,2020

Jun 2: A new female billionaire has emerged from one of Asia's most-expensive breakups.

Du Weimin, the chairman of Shenzhen Kangtai Biological Products Co., transferred 161.3 million shares of the vaccine maker to his ex-wife, Yuan Liping, according to a May 29 filing, immediately catapulting her into the ranks of the world's richest.

The stock was worth $3.2 billion as of Monday's close.

Yuan, 49 this year, owns the shares directly, but signed an agreement delegating the voting rights to her ex-husband, the filing shows. The Canadian citizen, who resides in Shenzhen, served as a director of Kangtai between May 2011 and August 2018. She's now the vice general manager of subsidiary Beijing Minhai Biotechnology Co. Yuan holds a bachelor's degree in economics from Beijing's University of International Business and Economics.

Kangtai shares have more than doubled in the past year and have continued their ascent since February, when the company announced a plan to develop a vaccine to fight the coronavirus. They slipped for a second day Tuesday following news of the divorce terms, losing 3.1% as of 9:43 a.m. in Hong Kong and bringing the company's market value to $12.9 billion.

Du's net worth has now dropped to about $3.1 billion from $6.5 billion before the split, excluding his pledged shares.

The 56-year-old was born into a farming family in China's Jiangxi province. After studying chemistry in college, he began working in a clinic in 1987 and became a sales manager for a biotech company in 1995, according to the prospectus of Kangtai's 2017 initial public offering. In 2009, Kangtai acquired Minhai, the company Du founded in 2004, and he became the chairman of the combined entity.

China's rapidly growing economy has been an engine for the country's richest, and Du is not the only tycoon who's had to pay a steep price for a divorce. In 2012, Wu Yajun, at one point the nation's richest woman, transferred a stake worth about $2.3 billion to her ex-husband, Cai Kui, who co-founded developer Longfor Group Holdings Ltd. In 2016, tech billionaire Zhou Yahui gave $1.1 billion of shares in his online gaming company, Beijing Kunlun Tech Co., to ex-wife Li Qiong after a civil court settlement.

Sometimes, a goodbye can be time-consuming too. South Korean tycoon Chey Tae-won's wife filed a lawsuit in December asking for a 42.3% stake in SK Holdings Co. valued at $1.2 billion. That would make her the second-largest shareholder of the company should she win the case, which is still ongoing.

The most expensive divorce in history is that of Jeff and MacKenzie Bezos. The Amazon.com Inc. founder gave 4% of the online retailer to Mackenzie, who now has a $48 billion fortune and is the world's fourth-richest woman.

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News Network
January 30,2020

New York, Jan 30: Three Indian citizens were arrested by border patrol agents here for entering the US illegally.

US Border Patrol agents stopped a vehicle near Massena in New York state along the county's northern border on January 24. During the vehicle checking, the agents found that two of the passengers were Indian citizens who entered the US illegally and not at a designated port of entry.

Both the passengers were transported to the Border Patrol Station for processing and charged.

The vehicle driver, also an Indian citizen who originally entered illegally into the US in 2012 and was ordered removed from the country in absentia last December, was charged with alien smuggling, a felony, which carries a penalty of a fine and up to five years of imprisonment for each violation.

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Agencies
July 24,2020

Chengdu, Jul 24: China on Friday asked the US to close down its Consulate in Chengdu in retaliation to Washington's decision to shut the Chinese Consulate in Houston.

A statement by the Chinese Foreign Ministry said China has informed the US Embassy of its decision to withdraw its consent for the establishment and operation of the US Consulate General in Chengdu.

This was in response to "unilateral" decision by the US to shut the Houston Consulate. China's decision is legitimate and necessary response to the unreasonable actions of the US, it said.

The US on Wednesday ordered the closure of the Chinese consulate in Houston, a move it said was aimed "to protect American intellectual property and private information."

Reacting strongly to the US move, Chinese Foreign Ministry spokesman Wang Wenbin termed it as an "unprecedented escalation and warned retaliatory measures.

China on Thursday said that "malicious slander" is behind an order by the US government to close its consulate in Houston, Texas, and maintained that its officials have never operated outside ordinary diplomatic norms.

Wang said the order to close the consulate violates international law and basic norms governing international relations, and seriously undermines China-US relations.

This is breaking down the bridge of friendship between the Chinese and American people, Wang said.

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