CHINA-ECONOMY: MARKETS REACT ADVERSELY TO XI JINPING'S CONTINUANCE FOR THE THIRD TERM
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Reacting to Xi Jinping's becoming CCP CC General Secretary for the third consecutive term,
the richest tycoons in the country seem to be bearing the brunt. Bloomberg reported that in the
market selloff, the industrialists in China have lost more than $9 billion. This comes at a time
when the Chinese economy witnesses slow growth amid nationwide frustration over continuing
lockdowns due to his zero Covid-19 policy. The Chinese official data released on October 24
said that the economy grew by 3.9 per cent year on year earlier in the July-September quarter,
up from the first quarter by 0.4 per cent. According to the Bloomberg report, Tencent Holdings' Pony Ma and the nation's wealthiest person Zhong Shanshan each lost over $2 billion after
shares of their companies tumbled
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