【Epoch Times October 22, 2024】Epoch Times sifts through the must-read articles for readers every day:
Li Ka-shing and his son Li Zeju recently sold approximately 101 million shares of China Postal Savings Bank (Postal Bank) H shares twice. After the reduction, the shareholding ratio of Li Ka-shing and his son decreased from 9.03% to 7.96%.
Gold prices hit another record high. The Shuibei gold jewelry trading market in Shenzhen is bustling. However, in Shenzhen Shuibei, the largest distribution center for gold jewelry in mainland China, some gold bar sellers have reported a significant increase in customers buying gold bars.
The Chinese Communist Party’s proposal for an “overseas wealthy tax” has garnered widespread attention. With the Chinese economy continuing to face challenges and local governments burdened with high debt, reports have emerged recently of the CCP considering imposing an “overseas wealthy tax.” On October 21, news of “China to levy overseas wealthy tax; media says China has long-standing global taxation policies” garnered widespread attention and trended on social media. Mainland official media confirmed that the CCP had formulated relevant policies years ago to prepare for the enforcement of taxation on overseas individual income.
Guangdong’s Shenzhen reports a high incidence of infectious diarrheal outbreaks due to Noro-like viruses. Since October in Shenzhen, the reported incidence of Noro-like viruses and other infectious diarrheal outbreaks has significantly increased compared to the same period in 2023. In the past two weeks, Guangdong province’s rate of reporting diarrhea symptoms has been at a higher level than the same period over the past three years.
China’s Loan Prime Rate (LPR) was lowered by 25 basis points, marking the largest single reduction in history on October 21. Both the 1-year and 5-year LPR rates were reduced by 25 basis points.
“I want to eat” – Hundreds of medical staff in Shanwei, Guangdong, held up signs demanding wages. Recently, over a hundred medical staff from a state-run hospital in Shanwei, Guangdong, went on strike, gathering in the hospital lobby and raising white papers with “I want to eat” written on them to collectively demand their wages from the hospital. After the news gained attention online, related reports were deleted.
Quionghai Municipal Party Secretary secretly taken away; former secretary Luo Baoming’s former secretary revealed. In recent days, several sources revealed to mainland media that Tian Zhiqiang, the Party Secretary of Qionghai City in Hainan (ranked at the ministerial level), was taken away by relevant departments. Tian Zhiqiang had previously served as the former secretary Luo Baoming’s secretary, who had been investigated and disciplined.
A couple in Xi’an died in an accident at Qinling Ice Crystal Peak while watching the sea of clouds due to a sudden weather change. On the night of October 19, two groups of people climbed the Qinling Ice Crystal Peak located in the Zhuque National Forest Park in Xi’an through a wild road, intending to watch the sea of clouds the next morning. However, they encountered a sudden weather change, resulting in the death of a couple and injuries to another person.
News: Fidelity International to lay off 500 employees in China. In an exclusive report by Reuters, two informed sources revealed that the fund management company Fidelity International (FIL) plans to cut 500 positions in its China business unit. This is the largest-scale layoff by global financial companies in China in recent years.
Analysis: Learning from the past, Europe refuses to let China dominate the electric vehicle market. Despite repeated pressure from China on various EU countries, the EU has still passed a decision to raise tariffs on Chinese electric vehicles. The EU also rejected China’s request for tariff exemptions, demonstrating a firm stance in defending its domestic manufacturing industry. This contrasts with the EU’s weak position when faced with a large influx of Chinese solar panels into Europe ten years ago. Experts believe that China cannot expect Europe to yield.
Wang Youqun: Three lessons from the legal proceedings against former Minister of Justice Tang Yijun. According to reports from mainland media on October 18, the former Minister of Justice of the CCP, Tang Yijun, has been arrested. Tang Yijun’s bribery case has entered the judicial process, and he will be prosecuted, tried, and then imprisoned.
Four middle school students in Zhangjiagang, Jiangsu, were stranded due to rising tides; one student died and one went missing. On October 19, four middle school students at the Shuangshan Mountain Resort in Zhangjiagang, Jiangsu, crossed a wave-blocking wall to enter the riverside water area of Shuangshan Island. They were stranded due to rising tides, resulting in one death and one missing student.
Zhang Xiaolian, Deputy Director of the Economic Committee of the CPPCC, was investigated. Another “tiger” falls in the officialdom of the CCP. Zhang Xiaolian, Deputy Director of the Economic Committee of the CPPCC of the Thirteenth National Committee, is under investigation. So far this year, 49 mid-level cadres have been publicly reported to be under investigation.
Economic rescue tactics ineffective; the State Council of the CCP launches a full-scale effort. The CCP’s efforts to “rescue the economy” have been lackluster, with the latest economic data falling short of expectations. With limited time remaining in the year, the State Council of the CCP has mobilized, with Deputy Premier and State Councilors visiting local areas for “research,” urging the implementation of incremental policies to spur economic recovery. However, some analysts believe that China’s economic problems require political reform, something the CCP is unlikely to achieve.
China’s weak economy fuels growth in the grey market; luxury goods companies face even more challenges. The second-hand and grey market for luxury goods in China is rapidly expanding. With China’s economy in prolonged stagnation and unable to recover, coupled with rising prices of luxury brands, some consumers are turning to cheaper procurement channels. However, this has further exacerbated the challenges faced by luxury goods companies like LVMH operating in China.