Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Chief of Stock Market Regulation Dismissed Amid China's Stock Plunge

The stock market is showing signs of recovery; however, the high hopes of the Beijing administration have been dashed.
For years, the stock exchanges in Shanghai and Hong Kong have been underperforming, and along with other Chinese stock markets, they have faced the worst declines in the world so far this year. This necessitated significant financial intervention from Beijing, but the authorities went further by reinstating a familiar figure to take charge of stock market regulation.

59-year-old Wu Qing, who served as the president of the Shanghai Stock Exchange from 2016 to 2018, has been appointed to lead the regulatory body once more. The Shanghai Stock Exchange is the largest in mainland China, and Beijing considered acquiring the Hong Kong Stock Exchange essential to bolstering the collective might of China's stock exchanges against New York. This ambition was not entirely unfounded, given that Alibaba's New York Stock Exchange listing in 2014 set a record with a $169 billion issuance. President-elect Donald Trump quickly met with Jack Ma, the founder of Alibaba, in New York before engaging in talks with President Xi Jinping. "Jack and I are going to do great things together!" Trump proclaimed, but these plans came to naught as the United States initiated a trade war against China something President Joe Biden intensified. When Biden designated China as the USA's strategic competitor in early 2021, the Shanghai and Hong Kong stock exchanges were at their peak; since then, shares have lost over $6 trillion in value, a significant loss even by Chinese standards, especially while New York maintains and even strengthens its global leadership.

At the end of January, state-backed rescue measures intended to save the stock market and the yuan sparked a rebound in share prices in Shanghai and Hong Kong. On Tuesday, the sovereign wealth fund Huijin announced it would accelerate its share purchasing program. The government also issued a statement on Wednesday, confirming its full support for the sovereign fund's actions.

Yet, the fundamental problems in China persist: The massive real estate bubble is bursting with more than 50 million homes vacant and Evergrande, the largest property developer facing over $300 billion in losses, is being liquidated. Meanwhile, the US-China trade war continues.

US-China Negotiations

Jake Sullivan, National Security Advisor to Joe Biden, warned his Chinese counterpart, Foreign Minister Wang Yi, that serious consequences would follow if China supplies chips to Russia that are listed on the sanctions list. However, officials in Beijing are trying to emphasize the positives: a joint fentanyl commission has been formed, in which China and the United States are working together to prevent the production and distribution of the synthetic drug in the USA, where it is linked to over 50,000 deaths annually.

The Beijing-based China Daily proudly reported preparations for an economic summit where a Chinese vice premier is expected to participate. Last year, US Treasury Secretary Janet Yellen visited Beijing, where she cautiously expressed opposition to the trade war, suggesting that tariffs exacerbate inflation in the United States. In contrast, Donald Trump has proposed imposing a 60% tariff on Chinese goods if re-elected, a move that would completely disrupt global trade.

Related Articles

Unelected PM of the UK holds an emergency meeting because a candidate got voted in… which he says is a threat to democracy…
Farmers break through police barriers in Brussels.
Ukraine Arrests Father-Son Duo In Lockbit Cybercrime Bust
US Offers $15 Million For Info On Leaders Of Cybercrime Group Lockbit
Apple warns against drying iPhones with rice
Alexei Navalny: UK sanctions Russian prison chiefs after activist's death
German economy is in 'troubled waters' - ministry
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
Tucker Carlson says Boris Johnson wants "a million dollars, in Bitcoin or cash, from Tucker Carlson to talk about Ukraine.
Russia is rebuilding capacity to destabilize European countries, new UK report warns
EU Commission wants anti-drone defenses at Brussels HQ
Von der Leyen’s 2nd-term pitch: More military might, less climate talk
EU Investigates TikTok for Child Safety Concerns
EU Launches Probe Into TikTok Over Child Protection Under Digital Content Law
EU and UK Announce Joint Effort on Migration
Ministers Confirm Proposal to Prohibit Mobile Phone Usage in English Schools
Avdiivka - Symbol Of Ukrainian Resistance Now In Control Of Russian Troops
"Historic Step": Zelensky Signs Security Pact With Germany
"Historic Step": Zelensky Signs Security Pact With Germany
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
Tucker Carlson grocery shopping in Russia. This is so interesting.
France and Germany Struggle to Align on European Defense Strategy
‘A lot higher than we expected’: Russian arms production worries Europe’s war planners
Greece Legalizes Same-Sex Marriage and Adoption Rights
Russia "Very Close" To Creating Cancer Vaccines, Says Vladimir Putin
Hungarian Foreign Minister: Europeans will lose Europe, the Union's policy must change drastically
Microsoft says it caught hackers from China, Russia and Iran using its AI tools
US Rejects Putin's Ceasefire Offer in Ukraine
The Dangers of Wildfire Smoke and Self-Protection Strategies
A Londoner has been arrested for expressing his Christian beliefs.
Chinese Women Favor AI Boyfriends Over Humans
Greece must address role in migrant vessel disaster that killed 600: Amnesty
Google pledges 25 million euros to boost AI skills in Europe
Hungarian President Katalin Novák Steps Down Amid Pardon Controversy
Activist crashes Hillary Clinton's speech, calls her a 'war criminal.'
In El Salvador, the 'Trump of Latin America' stuns the world with a speech slamming woke policing after winning a landslide election
Trudeau reacts to Putin's mention of Canadian Parliament applauding a former Ukrainian Nazi in his interview with Tucker Carlson.
The Spanish police blocked the farmers protest. So the farmers went out and moved the police car out of the way.
Volodymyr Zelenskiy fires top Ukraine army commander
Tucker Carlson's interview with Vladimir Putin raises EU concerns
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
Russia's Economy Expands by 3.6% Due to Increased Military Spending
Ukraine MPs Vote To Permit Use Of Dead Soldiers' Sperm
German Princess Becomes First Aristocrat To Pose Naked On Playboy Cover
UK’s King Charles III diagnosed with cancer
EU's Ursula von der Leyen Confronts Farmer Protests Amid Land Policy Debates
Distinguishing Between Harmful AI Media and Positive AI-Generated Content: A Crucial Challenge for the EU
Tucker Carlson explains why he interviewed Putin
Dutch farmers are still protesting in the Netherlands against the government, following the World Economic Forum's call for 'owning nothing.'
Hungarian Prime Minister Viktor Orbán stands up for European farmers and says, 'Brussels is suffocating European farmers.