how does it relate to xi jinping's leadership and, in fact, the impact xi has that on the direction ofchinese policy? because were focusing on u.s.-china relations, for and in secret a policy i might add youd described xi is wonderful as a marxist nationalist. >> guest: that is a term i use and it is a term i advance in my thesis. if i tried to synthesize how i see xi jinping's ideological worldview. it is as a marxist nationalist. if i was to unpack that one further, i see a marxist shift to the left away from state enterprises, towards a a state enterprises away from thehe private sector and in the direction of a greater equalitarian distribution of wealth. i see xi as leninist on the party moving again politics to the left and straining the political space available for individuals or ngos or even aor professional apparatus of the chinese state in favor of the central leninist discipline of a part of the chinese communistst party. but i also see in the legitimacy stakes xi jinping moving chinese nationalism to the right. that is a much more assertive chinese foreign and security pol

china's premier li keqiang, a longtime rival to xi, was demoted while four xi loyalists were promoted party's top official in shanghai li qiang appears set to become china's new premier. he is a close ally to xi. he oversaw the harsh covid-19 crackdown in shanghai. perhaps the most traumatic moment of the chinese communist party's congress came when former president hu jintao was abruptly escorted out of the closing ceremony. he had been sitting next to xi jinping when two men came to escort him from his seat. some analysts speculated that the move was an assertion of xi's dominance. chinese state media later said it was because the former leader was not feeling well. we turn now to look more closely at the future of china as xi begins a third term. under xi, china has continued a decades long effort to eradicate extreme poverty. some 800 million people have been lifted out of poverty over the past four decades in what un secretary general antonio guterres has called "the greatest anti-poverty achievement in history." but xi has also ovseen a growg surveiance state to silence ssent an

this is that xi jinping show.s is about control and control in order to achieve stability, development, and ultimately strength. as much as the chinese government talks about integration, what we are going to see out of this new leadership is a stress on self sufficiency, what they call dual circulation, military modernization, a fundamentally new era of china's relationship with the international community. haidi: i love -- shery: i love how you express it -- maximum xi jinping. is this how we saw the former president being escorted out of the party congress? that was a shocking live drama playing out for people. this is a highly choreographed event. what is this telling you about where the party stands right now? evan: i don't think anybody should have any illusions about what kind of china we are dealing with. we are dealing with a china in which political leadership is determined by loyalty over merit, in which there are no rules or norms that guide political succession. xi jinping may be with us for at least

if he a xi jinping strong man why is he just xi jinping -- what is his composition not line up. because there's a number of reasons. first, let me make sure about the structure in chinese -- basically -- the important body the central committee you can be six members and these are important figures in -- because the ministers -- [indiscernible] the top military elite ceo of china's lack ship companies if you want a career to move on you have to belong to this group. so 376 -- i believe two thirds of them basically 67% roughly will be changed. -- it is quite high. it is not unusual. previously the congress was roughly about 62%. and now it was 75% last time because of the purge with the corruption. now there is a 25 minute number power bureau which is -- 25 member power bureau which is even more important. my prediction is 60% -- or more than 15 on top of the 25 will be newcomers first-timers. the most important is the 7 -- we have seven or nine congress committee and it is very important. the previous -- norms or rules like retirement age requirement -- will not apply for that.

he has long ties to xi jinping. he was the chief of staff was xi jinping was the party boss earlier this century, 2002 to 2007 i believe. he is now number two ranking official on the standing committee which essentially guarantees he will be the premier when they convene the national people's congress in march. so he is one to watch. but none of these individuals really scream out at you as a potential successor. xi jinping has not named a successor yet. and i guess i am not expecting him to do that. he is keeping those cards close to his chest. david: stephen engle be staying with us. at this point i want to bring in fred newman, cohead of global research for the asia-pacific. he is here with us in the studios. nice to see you. any changes you anticipate to china's longer-term economic policy? the top officials of the economic team are stepping away come march. fred: to be fair, not really. we already seen a strong trajectory of chinese economic policies in recent years. we know what the big goals are for china. co

that is one of xi jinping's stated goals. so you have this much smaller but vibrant democracy that doesn't have formal diplomatic ties with most of the countries around the world but has friendships with powerful like-minded democracies. saying what they have consistently said that taiwan will not accept a unilateral ee unification with the main land because they don't feel it's a reunification, they think it would be a hostile takeover. they say the whole point of having a democracy is that the voters, the majority of the public decides their future and poll after poll especially over the last few years since 2019 when people in taiwan watched the chaos in hong kong, watched the freedoms of hong kong be taken away under what was supposed to be one country, two systems, it has made the prospect of any one country, two systems for taiwan unacceptable according to the opposition party, the kmt which is traditionally pro china does not have any platform that will accept one country, two systems. they said that taiwan will never

the second one is xi jinping protege. but this similar career went to tibet and also their conversation, usually number two. number three, it is not over yet. age wise, it does not work for him. but again, i say ages not of the crucial thing. last one, former vice premier. but whoever becomes premier census signal about xi jinping's primary need or his political and policy consideration. so the policy continues because he is the vice premier and he continues her current policy. so it is a leadership unity. he is not a the parties together to appoint people beyond. so that's the important message. it is international popularity. it is a very respectful community. he told me immediately that guy reminds him he someone lying, the graciousness. in a few was in trouble. last one, but he is for the drastic policy change. he is liberal on the political front he talks about the political form and how he met before. >> i actually was invited by him -- he made everyone in his government read the chinese version. >> that's right, i

it seems that xi jininu is a longer game? it seems that xi jinping is playing _ a longer game?onger game? it seems that xi jinping is playing a longer- jinping is playing a longer game, and we saw that yesterday in his work report at the party congress, where he talked more about the importance of peaceful reunification, but he also did not pull out the use of force, which is something he has said in the past. what is important to remember about xi jinping is that he really sees himself as a true inheritor of the chinese communist party �*s mission, and one that really important part of that is taking back taiwan. in the west, many of us see taiwan as this thriving democracy and a self—governing island but from the chinese communist party �*s perspective they see taiwan as a province of china and its one of xijinping's most important missions is to take taiwan back into the communist party's fold and what is becoming increasingly concerning is the risk of some kind of military innovation from china, but i also think that xi jinping feels that he can take his time and the chines

a major exhibition opened in beijing touting china's under xi.promotes what it calls its many accomplishments of his leadership. we also saw members of the central committee issue a statement ahead of the congress. it included political slogans to cement xi's core positions in the party. the party's constitution will be amended as a congress, and if the slogans are added, it will mean the party will demand absolute loyalty to xi. >> so what messages do you think xi will aim at the public when he speaks at the congress? >> we expect his message to try to convince people he should continue to serve a third term, and it will be hours long. economic growth in china is clearly slowing, and one of the main reasons is xi's rigid zero covid policy. that's caused growing frustration among average people. but he will call it a success by saying china was able to protect their lives. he's also expected to boast about china's relationship with the rest of the world, especially involving taiwan. he could say china has main taped its dignity, despite western a

xi changed china's position on the world stage? >> xi jinping has stood on his head.very wise principle laid down by a former leader to keep a low profile and never take the lead. so xi jinping hopes that china will emerge as the leader of the developing world, just as mao zedong in the '50s was aspiring to be the leader of the socialist communist countries. so that's why, despite problems in the economy this year, xi jinping is still spending a lot of money and rewarding results as to both hard and soft power projection. and through international undertakings, he's trying to enlarge china's footprint around the world. and this is why washington sees china as the most dangerous country in upsetting the current international rules of international intercourse. >> thanks to professor willie lam for speaking with cnn earlier. >>> north korea is reaffirming its ties with beijing to mark china's 20th national party congress. north korean state media says kim jong-un received a message from xi jinping in which the chinese leader emphasized how the two countries should conti

as we mentioned president xi _ about it. as we mentioned president xi jinping - about it.ow has president xi jinping now has his third term as the country's leader. what does this mean for the future of china? the leader. what does this mean for the future of china?— the future of china? the two erson the future of china? the two person currently _ the future of china? the two person currently in - the future of china? the two person currently in the i person currently in the politburo standing committee who are not in president xi's faction is a premier li keqiang and the more liberal reform are one young and both of them are one young and both of them are on their way out so people are expecting a president xi loyalist are coming so he may have a suite of the politburo standing committee, the —— upper echelons of power with the authorities wissing a greater utilisation of power, more crackdown, more repression, more stability and security over economic policies ——we could see a greater utilisation. bad news for foreign investors and the economy and more about security an

what you're seeing here is hu, xi's predecessor, who is seated to the left of xi.peatedly starts to lift hu from his seat, and hu seems to resist. he then puts his hand on a sheet of paper that was placed on president xi's folder. xi quickly puts his hand on the sheet. well, hu then appears to resist lea leaving. he turns back to his seat one point, touches xi on the shoulder, has a brief exchange. keep in mind this was the biggest event of xi's career. every single move highly choreographed, making this situation even more odd and significant. cnn's coverage of this incident was blocked out in china. state media coverage of the ceremony didn't include that scene at all even though journalists were present. state media did release a tweet about the incident, though, that said, when he was not feeling well during the session, his staff for his health accompanied him to a room next to the meeting venue for a rest. now he is much better. of course we haven't seen him since. i want to go to selina wang in hong kong tonight. i'll play the moment again when hu leaves and

china's president, xi jinping, invited this move. if you think about xi and putin together, we have the two strongest leaders in russia and china since stalin and mao. but when stalin and mao misbehaved, it was the chinese and russians they can hurt. now when the leaders of china and russia go off the rails, it affects the whole world. it touches all of us. and there's no question that xi is taking china in a very bad direction. so i understand where this is coming from entirely. that said, though, i don't know how china is going to react. china, fareed, controls over 80% of all the world's rare earths that go into your electric car batteries. are they now going to go tit for tat on that? i don't know. but we unravel the product of globalization, and in those 40 years, no great power war, hundreds of millions of people came out of poverty, and interest rates and inflation were relatively low. you're going to miss that era when it's gone. again, i have no sympathy with xi. where he's taking china is in a wrong direction, backwards. bu

as a personality xi jinping therefore is formidable, just formidable.d how he has managed political opposition, this is being brutal brittany anticorruption campaign is not just about corruption it's about knocking the head of your politicalng opponents. taking out previous standing committee members, the sky is not an tender of your average hsunday school. he is in the harvard business of politics. >> it creates a vulnerability for shooting pain. because of that worldview, if you look at the evolution from a of the russian requirement through to the president, this has been a radical acceleration reit normalization of that relationship. almost back to the. i would say of soviet condominium. to the point you look at the architecture the full documents of the relationship today, it is tantamount to a common security arrangement, just short of a mutual defense pact. in this very much reflects the worldviews of jinping and putin. for the future creates a genuine challenge for the united states and the rest of the world. vulnerability is this when you see p

so, why would xi jinping want to do something _ a...g want to do something like _ a... so, why would xi jinping want to do something like this, - a. .. so, why would xi jinping want to do something like this, if- a... so, why would xi jinping want to do something like this, if it - to do something like this, if it were orchestrated by him? i’m to do something like this, if it were orchestrated by him? i'm not sure if it was _ were orchestrated by him? i'm not sure if it was orchestrated. - were orchestrated by him? i'm not| sure if it was orchestrated. another possibility was that hu jintao began to mutter something unpleasant or some kind of critical remarks, because he was sitting right next to xijinping, which displeased him. so it could have been something more spontaneous. i'm sure it wasn't really in xijinping's spontaneous. i'm sure it wasn't really in xi jinping's interests for the entire global media to witness this, either. remember, this was right after the media pool was allowed to get into the great wall of the people. it’s

xi jinping is a servant of the party.e point at which the party feels xi is undermining the parties legitimacy and support in the community, than elite members of the party could well question whether xi is the right person to leave the party. he has the presidency, there's a lot of concern about him being removed in the last congress. that's not the key position. its general secretary of the party and he has to have internal support from this party. i don't see anything happening between now and next week, but certainly over time, xi is unable to maintain support over the party and legitimacy, his position could be undermined and he could be ultimately brought down. kathleen: with so much going on in the world,, coming out of covid, the power to make a move like that -- property prices. how big of a black eye is that? or do they figure it's necessary to stir that pot and the government helped create the crisis by putting focus on the indebtedness and causing bondholders all over china to start telling -- start selling bo

i'm julianna tatelbaum these are your headlines china tech heavyweights hit record lows after xi jinpingon the sol dates the grip on power. >>> surging energy costs push german activity to a two h-year low as inflation weighs. >>> and former uk chancellor as rischi is closing in on prime minister >>> welcome to "street signs." we kick off the show with the pmi. the october flash figures are in the october flash composite pmi has come in at 47.1. that is down a full point from september when it was 48.1 the manufacturing sector pmi at 46.6 that is significantly below where we were in september 48.4 a drop from 48.4 to 46.6 in terms of services, there we have a drop as well. not as severe. the services pmi at 48.2 for october. down from 48.8 in september. so pmi lower in themonth of october. in terms of the detail, chris williamson at smp global says the euro szone is set to contra. adding speculation that a recession is looking increasingly inveviinevitable weaker than expected sales especially as winter approaches. the risks are tilted to the down turn accelerating toward year end. they

[applause] xi jinping: a decade ago, this was the situation that we faced.at achievements have been secured with reform and opening up and socialism [indiscernible] notable advances have been made. all of this is created -- has created solid foundations -- it is a key underpinning or our continued progress. at the same time, however, a number of prominent issues, some of which who have been building for years -- demanded actions. in the face of these challenges which undermined the parties long-term government and -- security and stability of our country and the well-being of our people -- we fully assess the situation and made decisions and took firm steps under its leadership and party. the military -- brought together -- got down to work. moving ahead with resolve to carry out a great struggle with neweatus [indiscernible] over the past decade, we have stayed committed to -- mounted in thought the shocking theory. the theory of -- scientific outlook on development. we have fully implemented the thoughts on socialism -- for a new era as well as -- the basi

xi jinping shall be surrounded by his acolytes-_ xi jinping shall be surrounded by his acolytes— xi jinping duncan bartlett, thank ou ve his acolytes. duncan bartlett, thank you very much- _ back to our top story and the conservative leadership race. what do voters make of the turbulent events in westminster? jessica lane has been talking to people in the conservative constituency of penistone and stocksbridge in south yorkshire to find out. as mps are back in their constituencies this weekend, many will find out if what's happening in westminster is the talk of their town. i think that we've lost faith in all the politicians, labour or conservative, and i think it's time that we need to get a bit more stance within the country again, a bit of stability back. i've been in spain last week on holiday and all the spanish people and german people keep saying, "what's wrong with your country? " well, we've been. talking nothing else. it is the backstabbing and that's the problem. this constituency has this rural market town of penistone and the industrial steelworks in stocksbridge nearby. histo

how i see xi jinping's ideological worldview. it is as a marxist nationalist if i was to unpack that one stage further would be. when i look at shea on the economy, i see a marxist shift to the left. away from student enterprises. so towards state enterprises away from the private sector and in the direction of a greater equalitarian distribution of wealth. i see she is leninist on the party moving again politics to the left. training the the political space available for individuals or ngos or even the professional apparatus of the chinese state in favor of the central leninist discipline of a part of the chinese communist party. but i also see in the legitimacy stakes. xi jinping moving chinese nationalism to the right. that is a much more assertive chinese foreign and security policy. much more seeking to advance china's national interest internationally and and deep appeals to nationalist sentiment in a way in which he's predecessors by and large did much less of so when i use the term marxist nationalism, i don't use it. cas

as we mentioned, president xi jinping now has his third term as the country's leader.e politburo standing committee who are not in xi's faction — that premier li keqiang and the more liberal reformer wang yang — both of them are on their way out, so people are expecting a xi loyalist to come in, so he might actually have a clean sweep of the politburo standing committee, the upper echelons of power within the party. so we are seeing, you know, greater centralisation of power, more crackdown, more repression, more stability and security over economic policies. so overall, you know, bad news forforeign investors, bad news for the economy and more about security and stability maintenance. professor lynette 0ng from the university of toronto. italy's first female prime minister, giorgia meloni, and her ministers have been sworn in at a ceremony in the presidential palace in rome. she's the country's first far—right leader since world war ii. her brothers of italy party won last month's elections with just over a quarter of the vote. stefano fasano reports. giorgia meloni,

state media has headlined the transformations of four towns after visits by president xi.orrespondent stephen mcdonald traveled to the heart of rural china, visiting area said to be lifted out of poverty after the president suggested they change the type of potatoes they were planting. stephen: this town is to show the chinese people a model of poverty alleviation, transformed after a vit from president xi jinping. you see pictures of the chinese leader now hanging in people's homes. >> we all shook his hand. it was very warm. it was really good. the houses have now been rebuilt. stephen: stories of xi's miraculous advice to farmers are being told on tv. >> put an end to poverty. stephen: these are the potatoe which xi jinping is said to that suggested they switch to and are said to have brought prosperity to the area. who knows whose idea it was? it doesn't matter, because xi's role in this is now part of communist party folklore. >> many potatoes are a good income now. stephen: in ca the potatoes aren't enough, the government is making sure of it with village renovations

>> there were xi's speech with references to common prosperity.t is a slogan designed to kind of attack income inequality and give people spiritual prosperity and material prosperity by following the teachings of xi jinping. all i would say is the worst of the crackdown on the tech sector and data platforms and finance platforms. the worst of that is over. i don't think we will see that repeated in a way, why would they they have the regulations already in place private companies coerced to give donations to patirty causes of the structure to give private companies to align with the ccp goals. what they are looking for is what is the beef with common pros prosperity where are the policies tha would suggest income and wealth distribution that would make a material difference to, you know, china's outlook and prospects? there wasn't anything. not that we would expect anything necessarily in a set piece speech like yesterday. you know, xi jinping launched prosperity in 2021 it is like a tree that hasn't grown any leaves >> fair enough george, always

and xi wasted no time flexing his new muscle. cbs's elizabeth palmer reports. >> reporter: it was staged as a big reveal. >> please join me in a warm applause to welcome the general secretary and other political bureau standing committee members. >> reporter: but it was no surprise. that xi jinping was confirmed as chairman of china's communist party. he'll now begin an unprecedented third term as in effect china's supreme leader. and as for the six men -- and yes, they are all men -- who serve in the inner circle of the politburo, every one of them is a xi loyalist and none of them a potential successor. that shows h amassed more wer than any chise lea since mao tse tung. xi jinping has also now formalized one of his political priorities with a change to china's constitution. it's been amended to explicitly oppose taiwan's independence. it ratchets up the potential for conflict with the united states, which with its main allies japan and south korea has been flexing military muscle in the region to counter xi's increasingly asse

xi mentioned security or safety dozens of times. the biggest applause, when he declared taiwan will be part of mainland china, even if it means taking the self-governed island by force a party congress happens only twice in a decade. so there is always a lot of pageantry, and rarely any surprises. xi's ambitions to build a socialist super power come at a crucial time for china, facing criticism over ties to russia and hostile relations with the u.s. >> his view is that china is basically an equal of the united states now and should be treated as such by the u.s >> reporter: here people had been hoping xi might ease the stifling zero covid policy instead, he praised it just last week, sensors raced to scrub images of a protest banner, a rare sight in beijing that lamented constant lockdowns and said "we want freedom. even to report on the congress -- >> always a covid test. >> reporter: meant taking multiple covid tests, and spending two days at a quarantine hotel inside the great hall this week, china's plans will take shape behind

one of xi jinping's guards.e talking about is something that was staged, that was planned and took virtually everybody by surprise. so this is a xi jinping who can take the united states by surprise and we have a political establishment right now in washington and in the pentagon that really up to at least a week ago had no sense of urgency. the chief of naval operations, the top u.s. navy officer, last week talked about how we need to get ready for a war this year. rachel: that is scary stuff and we have a be pr president who is potentially compromised by the chinese government. also scary, this was censored on chinese internet. do you believe the censorship held, that the chinese people don't know this happened? and what is the message that this is sending to the kai niece send -- to the chinese,what's ye chinese people. >> first of all, this was censored. his name was scrubbed from social media. people in china know about it. in fact, when y you take away information, you help propogate rumors. the message to

the reason is that xi jinping has made it the key - xi jinping has made it the key issue — xi jinping :, , alexander? when isa yes i would hope that the young — alexander? when isa yes i would hope that the young people _ alexander? when isa yes i would hope that the young people in _ alexander? when isa yes i would hope that the young people in taiwan - that the young people in taiwan would _ that the young people in taiwan would share _ that the young people in taiwan would share the _ that the young people in taiwan would share the same _ that the young people in taiwan would share the same concern. that the young people in taiwan . would share the same concern and that the young people in taiwan - would share the same concern and the vigilance _ would share the same concern and the vigilance that — would share the same concern and the vigilance that we — would share the same concern and the vigilance that we need _ would share the same concern and the vigilance that we need to _ would share the same concern and the vigilance that we need to have. - would share the same concern and

clearly xi jinping has stacked his standing committee with loyalists. seen the market reaction all this week. essentially xi jinping is closing ranks and essentially having smaller groups of confidants in his decision-making processes. kathleen: more than ever what is happening in beijing is one of the top concerns for investors around the world. that is stephen engle. the implications of xi jinping's vision is on the agenda in singapore. for more, we are in part eric -- joint by eric. you are watching this, what this means, all of this, for the long-term capital flows into china. >> i feel like an amateur in the presence of stephen engle. we will talk about investors. that is something i do understand. the initial read on monday coming out of the communist party congress was that xi jinping's remarks at a what stephen pointed to, the stacking of the standing committee with loyalists is going to be terrible for investors. over the past couple of days we have seen the nasdaq golden dragon china index rally by more than 12%. people's fears have been eased

translation: "putin has had four terms and 16 years. - now xi is imitating him."mer leader at the end of the communist party congress led to speculation that this was a symbolic step to ram home the transition with xijinping in charge. it's also possible, though, that hu jintao may not be well. he appeared confused. yet questions remain about the timing of this departure in front of the cameras. today, though, there was no sign of the influence of leaders gone by, and crucially, no identifiable successors to xi in this new group. another indication he could remain in powerfor a long time. stephen mcdonell, bbc news, beijing. you're watching newsday on the bbc. still to come on the programme... as more russian forces retreat from the southern kherson region, our correspondent pays a visit to some of the recently liberated villages. indira gandhi, ruler of the world's largest democracy, died today. only yesterday, she had spoken of dying in the service of her country and said, i would be proud of it, every drop of my blood will contribute to the growth of this natio

translation: putin has had four terms and 16 years. - now xi is imitating him.removal of china's former leader at the end of the communist party congress led to speculation that this was a symbolic step to ram home the transition with xijinping in charge. it's also possible, though, that hu jintao may not be well. he appeared confused. yet questions remain about the timing of this departure in front of the cameras. today, though, there was no sign of the influence of leaders gone by, and crucially, no identifiable successors to xi in this new group. another indication he could remain in powerfor a long time. stephen mcdonell, bbc news, beijing. xijinping and his xi jinping and his assertive foreign policy are here to stay and that has prompted big changes about how the rest of asia views china japan was always sceptical that china's rise would be peaceful and at the urging of the late shinzo abe penn has wrapped itself in the security blanket of the so—called quad, the alliance established explicitly to counter chinese military power in the military. but it is n

while xi jinping shows zero sympathy. was the 79-year-old hu unwell, or was it some kind of political power play? we'll probably never know, as the incident has already been scrubbed from chinese tv and social media. elizabeth palmer, cbs news, tokyo. >>> turning to russia now and a horrific crash there. two pilots were killed when their fighter jet nose-dived into an apartment building in siberia. you saw it there. officials say no one on the ground died. the aircraft reportedly suffered an engine malfunction. it's the second crash of a russian warplane in one week. >>> well, today a senior u.s. government official rejected a new claim by russia's defense minister. he claimed that ukraine is preparing to detonate a radioactive dirty bomb with western help on its own territory. well, bombs did in fact target ukraine today. they were russian. this aftermath in the southern city of mykolaiv. right now the united states has about 100,000 troops in europe. cbs's charlie d'agata is with some of them along romania's border with

concludes it's five-year congress with xi jinping taking power again. >>> a new frontrunner for prime minister as boris johnson drops out of the race. >>> and names like the biggest in tech reporting this week. double whammy. higher earnings and slower growth it's monday, october 24th, 2022. "squawk box" begins right now. >>> good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm rebecca quick along with joe kernen and andrew ross sorkin. on this monday morning, let's check out the equities you will see modest advances dow futures up 38. s&p up 5 nasdaq up by 4 this is adding to what has been anything but a scary october for the equities market. look at what we have seen for the month of october so far. dow is up 8% s&p 500 up 4.6%. nasdaq supis up 2.7% the best month we have seen since june for any of the three major averages if you have been checking out treasury yields, that is driving equities for a while when yields aren't too aggressive, equities move up 10-year treasury at 4.173% 2-year treasury at 4.13% >> before we go in

craigslist talk more about xi jinping.are touching on key points including covid zero, taiwan and the economy. >> tenaciously pursuing zero covid policies, brought about historical rise in china past economic strength. the central government exercises overall jurisdiction as prescribed by china's constitution. this is a matter for the chinese. a matter that must be resolved by the chinese. we will continue to strive for peaceful reunification with the greatest of sincerity and the utmost effort. but we will never renounce the use of force. >> we must meet obstacles had on. insure both development and security and dig deep to submit the difficulties and challenges on the road ahead. close open the once in the party congress. we are looking at the top personnel changes. we have some clues here. let's bring in our executive editor and paul thompson who is here in town. i will start with you. why do you think this is so important? >> this is the communist party's party. the communist party is going to advocate to the whole nat

it is a new era under xi. he is out with old, in with the new, and basically he has selected a team of people that are first and foremost loyal to him and this will help him to expedite his policies and his execution of those policies going forward. zero compromise i would say, definitely a surprise to many. disappointing to a lot of people as well who had held out some hope there might be some voices of moderation somewhere in his selection, but unfortunately no. manus: ironically i'm getting notes in my inbox about going full bull on china because there will be an acceleration of stimulus, old-style or not. it could be a pivotal turning point in the stimulus story for china. thank you very much, colum murphy. the yuan the lowest since 2008 this morning. let's discuss how the markets are reacting to the shuffle. annabelle joins us. tech has taken a bloody knows, hasn't it? where are investors today? annabelle: in the doldrums, a stunning rebuke of this leadership reshuffle. colum said it, it is light on centr

mr xi has taken an even firmer grip on power by promoting his allies.t formidably entrenched leader since mao zedong appeared in beijing's great hall of the people with his new leadership team — which some observers say rewards loyalty over experience. stephen mcdonell reports. applause xijinping led out china's new leadership team in order of rank, with him at the top. it confirmed one of the world's worst kept secrets, that he'd officially broken the mould in place for decades limiting party bosses to two terms in power, lest anyone become too strong. it would have taken a bold conference delegate to oppose this move, which leaves mr xi at the helm for as long as he likes. translation: china is embarking on a long journey filled _ with glory and dreams. the road map has been drawn and the bugle has been sounded. again, there were no women on the seven—person politburo standing committee, the group at the top of china's governance system, now stacked with xi loyalists. the appointment of li keqiang as premier will concern some. he oversaw the disastrou

delegates are expected to hand mr xi a third term as party chief.

said for the first time that president xi personally vetted the top leadership team. so this is very different from what we have seen in the past with the previous administration where collective rule was the norm >> con doll consolidation for sure eunice yoon, thank you. >>> and we look to brush off a mixed week of results. >>> and the shift for wall street after the midterms on november 8th >>> later on, a cnbc collision s exclusive investigation into the ai and possible lack of key government oversight a very busy hour when "worldwide exchange" returns after this break. pst. girl. you can do better. at least with your big-name wireless carrier. with xfinity mobile you can get unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill over t-mobile, at&t, and verizon. wow. i can do better! yes you can! i can do better, too! see how easy it is to save hundreds a year on your wireless bill over t-mobile, verizon, and at&t. talk to our switch squad at your local xfinity store today. >>> welcome bac

i can tell ou president xi for that? i can tell you it's what _ president xi for that? what the they l tell you it's what the they will look for, language and economic growth versus sustainability and prosperity. right now, we are forecasting an automatic growth in china which is low for china. another thing to look for is all the rumours say there will be no change on zero penina, the party will continue to double down inaudible personally and this is the premier time to talk about this because this party congress should be seen as a statement, the party statement of its mission inaudible like election season in the uk or us, it's more like a party convention platform, it's only a i—party state so in china the party is inaudible historically unlike in the us, uk or even other provinces. turning to foreign policy then, president xi has been strong recently talking about taiwan and the reunification, as he called it, saying how it needs to be fulfilled.— to be fulfilled. how serious a threat is that _ to be fulfilled. how serious a threat is that in _ to be fulfilled. ho

translation: putin has had four terms and 16 years. - now xi is imitating him. china's former leader at the end of the communist party congress led to speculation that this was a symbolic step to ram home the transition with xijinping in charge. it's also possible, though, that hu jintao may not be well. he appeared confused. yet questions remain about the timing of this departure in front of the cameras. today, though, there was no sign of the influence of leaders gone by, and crucially, no identifiable successors to xi in this new group. another indication he could remain in powerfor a long time. stephen mcdonell, bbc news, beijing. well, china's neighbours are watching events in beijing, with increasing concern. from bangkok, here's jonathan head. xi jinping and his assertive foreign policy are here to stay and that has prompted big changes in how the rest of asia views china. japan was always sceptical that china's rise could be peaceful and at the urging of the late shinzo abe, japan has wrapped itself in the security blanket of the so—called quad, the us—j

what is the vision xi painted of china's global role in the world? rebecca: xi jinping took a strident, defiant tone to paint a picture of china that is more powerful and more influential in the world. essentially saying the national rejuvenation of china was inevitable. even with the sort of dangerous storms and hostile environment he is facing. one of the parts that seemed to resonate most strongly both with xi jinping and the party itself was this message around taiwan in particular. the language itself wasn't particularly unusual, pushing back against foreign interference, saying they will not renounce the possible use of force, but it was the tone i think that was quite remarkable. xi jinping's voice appear to crack with anger at one point, and it had one of the longest of plazas from the party delegates. it is an important reminder that this political event is mainly about selling this vision of china and china's future to his party and to a domestic audience. manus: rebecca, good to see you. what were the messages on the economic priorities? t

xi we know about president xi from these maple?— these people?incredibly traumatic _ these people? xijinping had an incredibly traumatic childhood. | incredibly traumatic childhood. he was born into communist party royalty. his father fought alongside mao zedong and is considered a founding father of the people's republic of china, but when he was nine years old, his dad was purged, and xijinping became, he was labelled a counterrevolutionary. mao zedong's red guard attacked him, he was given five minutes to live, and then he was sent, like millions of other chinese of his generation, to the countryside. xijinping lived countryside. xi jinping lived in countryside. xijinping lived in a cave in the chinese countryside for seven years. he was subjected to terrible conditions and very hard labour. all of these experiences in his childhood have really shaped who he is as a person today. and his fear of chaos. and his desire for control. but what makes him particularly interesting is that while many of his generation decided they wanted nothing else t

richard: they are deftly not as strong as xi would like them to be.on't think any country ever becomes totally technologically independent, but to be fair, china has done extremely well in some areas -- in electric vehicles in the supply chains surrounding solar power, wind power and the like. china making batteries, china has a dominant position in those industries already, so it is other countries playing catch up. it's not as though china is behind in those areas. whether it can never catch up on semi conductor, it is possible they will struggle. haidi: you pointed out his ability to spin crises and turn them around. is that limited? we are getting to a point where perhaps growth is being constrained by china's mode of governance. richard: i think his achilles' heel come and no doubt about it, is the economy and that has been exacerbated by covid zero. there is no end in sight for covid zero, so how does that flow onto other policies? the big one that he spins to his benefit is u.s.-china competition. if people believe you are in an existential bat

whereas the other has been xi jinping's loyal ideologist.out the removal, as we just said, on camera, in front of the media, of the former president? what do we believe is going on there? christopher: it was extremely awkward. there is no two ways about that. the official response from the regime has been that he suffered a health issue. upon watching the video, he does look confused and seemed to be stammering slightly. then we see him leave on his own power and with quick pace. he seems to be being dragged along hesitantly by these minders. my sense is just what we were discussing, that all of a sudden, all of his loyalists, all dropped from the politburo. obviously this was something that upset him. perhaps he had suggested he was going to spoil the punch somehow and xi jinping, in a demonstration of raw power and perhaps ruthlessness, decided to have him removed. judy: the question everybody has is, what are the consequences of this consolidation of xi jinping's power in terms of china's approach to the rest of the world and domestic pol

it is very hard _ situation on president xi. it is very hard to _ situation on president xi.t xi. it 3 very hard to answer from afar or evenif very hard to answer from afar or even if you are in china right now. because it is very difficult to get people to talk candidly about their opposition or dislike of xi policies. we know people have complained a lot online about zero co. vid most recently about the lockdowns that have been happening in shanghai in other cities. whether or not they blame xi and whether or not they would openly denounce him i think is very unlikely. but we know that zero covid is having an immense effect on the economy, unemployment, and people's mental health. people in china have been going through this for the past three years. teiis this for the past three years. tells more about _ this for the past three years. tells more about it _ this for the past three years. tells more about it because _ this for the past three years. tells more about it because they have basically had three years of lockdown and testing and the impact, youth unemployment is re

for xi xi ping.ashad: we have a mixed bag with the nikkei -- hen tseng is not a mixed bag -- >> it's a huge rally. [laughter] >> and we're looking forward to trade day down in china which could come out at any moment increasing by about 4%. no change in the amount of goods into the country. but c.p.i. came out. and what did we see? we had the fastest rate of c.p.i. >> u.s. inflation was hot. and i still can't wrap my head around this, right? when you have headline inflation still high. core inflation at 6.6%. t looks like everything is entrenched and inflation is still not under control. markets are rallying the way they are. >> yeah, they -- >> you can't look at the data now. >> i think it's worst than anticipated seeing more rate hikes which is clearly -- that is bad news. and bad news is bad news. >> who knows? the theories are all out there which is a short squeeze, liquidity, the uk with this whole u-turn maybe shifting things for the better as well. they're all playing the blame game. the chanc