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.

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

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

debate meetings and a leader in november so that what i've assumed to be the inevitability of a xi jinpingreappointment because he's such a formidable politician looks more contested. that's the most i could say, more contested.u >> host: fascinating. you talk in your book about xi's priority and you give us an image of ten circles.of maybe comment on why you chose the image of circles to capture xi's relative priorities, and which ones, may be the top three or four, do you see as having the most impact on the u.s.-china relationship, or maybe because of your comments just now that you may see xi reassessing perhaps. >> guest: the reason i've chosen circles as a metaphor for trying to make sense of let's call it xi jinping's worldview and the priorities within it is to enable the general readership of books like the one i have written to have an easier analytical hand on making sense of what china is doing on a given day of the week. as you know those of us in the sign a a logical world sometis speak a dialect which intelligent public policyes audience of the united states or other countri

he had been sitting next to xi jinping when two men came to escort him from his seat. 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 and taet ethnic minorities, including the uyghurs. and xi's third term comes at a time of growing tension between the u.s. and china over taiwan and other issues. we go now to two guests. yaqiu wang is senior china researcher at human rights watch. she is in new york. and in bartel more -- baltimore, maryland, we are joined by ho-fung hung, professor of political economy and sociology at johns hopkins university. his b

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

if i tried to synthesize how i see xi jinping's ideological worldview. t is as a marxist nationalist. if eyes to unpack that one stage further it would be when a a k at xi on the economy i see a marxist shift to the left, away from student enterprises, towards a state enterprises from the private sector and in the direction of a greater equalitarian distribution of wealth. i see xi as lyness on the party moving again politics to the left and straining the political space available for individuals or ngos or even a 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 firm and security policy, much more seeking to advance china's national interest internationally, and deep appeals to nationalist sentiment in a way which his predecessors by large did much less of. so when i use the term marxist nationalism i don't use it casually. i seek to reflect what i

[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

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

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

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

and everything is as xi jinping would wish it as the party leadership would wish it in terms of its being a homage to the party, to mr. xi with absolutely no dissent during this event, which we expect to last for about a week. in terms of the language off the speech given by xi jinping, i think one striking thing is how relatively short it was. it only took two hours for him to deliver this one compared with three hours five years ago at the last party congress. i think what was also striking was perhaps less of the more strident language we heard five years ago. the more confidence language about china moving to the center stage of global affairs. his remarks on taiwan were still hedged, still talking about assisting with policy of peaceful reunification in spite of those hard line warnings around that as well. and really a sense of caution, talk of the great waves and strong winds that china will be facing in the years ahead. there's every reason for mr. xi to feel cautious and they covered the stringent controls of the virus which is one reason battering the economy. he didn't give any

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

his dad was purged and xi jinping became at - was_ purged and xi jinping became at — was labelled aand mao zedong's— counterrevolutionary — and mao zedong's red guards attacked them — zedong's red guards attacked them. he was given five minutes to live _ them. he was given five minutes to live and — them. he was given five minutes to live and then he was sent like — to live and then he was sent like millions of other chinese of his— like millions of other chinese of his generation to the countryside. xi of his generation to the countryside.- of his generation to the count side. , , countryside. xijinping lived in a cave — countryside. xijinping lived in a cave in _ countryside. xijinping lived in a cave in the _ countryside. xijinping lived in a cave in the chinese - in a cave in the chinese countryside for seven years and was subjected to terrible conditions and very, very hard labour, and so all of these experiences in his childhood haven't really shaped who he is as a person today and his fear of chaos, and his desire for control, but what makes it xi jinping particularly interes

. >>> chinese president xi jinping prepares to make history. >>> taiwan has it own response to xi's addressthe chinese communist party congress. we're live in beijing and taipei with details. ♪ >>> authorities in stockton, california, have arrested a man they believe is connected to a series of killings. they say the suspect was armed and on a mission to kill another victim. cnn's camila bernal reports. >> reporter: we have been following this story for days. and now authorities say they believe they have their suspect. this is 43-year-old wesley brownlee of stockton. and what authorities are saying is that they were able to arrest this man thanks to two things. the first being the tips and help from the community. and the second being old-fashioned police work. they say they were able to zero in on one possible suspect, thanks to all of these tips. they began following this man, trying to figure out exactly where he was going, trying to see if there were any patterns to all of this. and the chief of police in stockton saying this man was on a mission to kill. and saturday around 2:00 a.m.

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

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

are getting to react to the leadership reshuffle which as you pointed out certainly saw president xi jinpingacking his inner circle full of low the al loyalists. there is no diversity from other factions and there is a balance of power we know li xi came out behind x jinping in the lineup in the committee yesterday. he is widely expected to be the next premier we saw other fresh faces it is who stepped down from the bureau who was telling as well as to president xi jinping's grip on power. this was a reminder of that and confirmation of the con the sol dag consolidation of how he handled the power and driving the economic agenda. you had li keqiang who retired and wang yang as well. i can't go without reminding viewers of that very bizarre moment, julianna, where we saw the former premier escorted out of the great hall which led to speculation if this is a power the politics at play we must say the official line is that he was feeling unwell many analysts are not buying that reasoning back to you. >> sam, thank you so much for that breakdown what a mysterious exit indeed. we will take that u

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

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

this is clear for xi jinping to set the stage for the next term.ive us your key take aways in what we can expect from xi jinping in the third term and how it may differ from the ruling so far. >> good morning, ladies. look, he covered a lot of ground in the speech which lasted an hour and 45 minutes which was to some people's relief given we endured a three-hour speech in 2017 as i said, covering a lot of ground in the speech and thrashing out to the priorities in the next five years and the party will be looking to do. the market has been fixated today is what he said about zero covid or what he didn't say about that policy. he certainly did seem to defend that strategy despite the mounting economic toll as we have seen pas a result of the lockdown the market is interpreting that as the tests, this quarantine and health codes all likely to stay in the near term. so there is largely an expectation that we will see this sticking around until march when all of this is done and dusted that major reshuffle at the top will be officially recognized. we h

with xi jinping in charge, a -- from pro-market reforms.ich critics fear could err on the side of state control. scarlet: there is a moment that went viral at the congress in which hu jintao was asked to leave and it looks like you wanted to leave. he tries to talk to dustin xi jinping. he was eventually escorted out. what is your read on what was going on here? tom: the official explanation is that hu jintao was feeling unwell and having left the stage, felt a little better. the symbolism of it, though, was incredibly clear. hu jintao was a leader who believed in collective or sponsor billy. listening to a diversity of voices. who allowed experimentation in government policy. during the hu jintao era, the central bank pushed forward ambitious -- and he made economic development the focus of foreign policy per he was being led off stage. who stayed on stage? she shin ping. a person who represents a strong hand rule and adherence to the party line and has made national security a top priority for the government. scarlet: the former economic

how xi jinping is xi jinping -- how is xi jinping going? to manage that?to expect from the party congress and what stocks to watch. we will be watching chipmakers after results from tsmc. that is it for "bloomberg daybreak: asia," "bloomberg markets: china open" is next. this is bloomberg. ♪

. ♪ this weekend, china's president xi jinping secured a third term as general secretary of the rulingty. xi and the newly appointed members of the very top of the chinese government, the politburo standing committee, received a standing ovation at the 20th party congress. the seven person committee is now filled with xi loyalists. also this weekend, security officials escorted out china's former president, hu jintao, in front of the world's media. for more on all of this, we turn christopher johnson. he had a 20 year career in the u.s. intelligence community where he focused on china. , now runs his own consulting firm, china strategies group. welcome back. first of all, how does -- what does this new leadership lineup in china tell you about how much power xi jinping has? christopher: i think it tells us that xi jinping is basically unbound in terms of his power inside china. we see a situation where all of his allies dominate not only the politburo standing committee, the top seven men in china, and unfortunately for now they are all men, and the full politburo. so suggestions that

so what does xi jinping really think? i turned to howard zhang, head of the bbc chinese service.t is now toning down its once very strong supporting russia voice, to more of a nuanced. still calling for a political solution. that's the catch, at this moment. they are not blaming russia for starting the war still. they are saying, there's a conflict and we need to find a political solution. that seems to be the new theme at this moment. do you think that will intensify as far as chinese leadership is concerned, or will theyjust let it run its course and stand on the sidelines? that of course will be decided, once we know whether president xi jinping will continue as president for the foreseeable future or if there is some type of a change, and we are all waiting for the all—important 20th cpc chinese communist party congress to happen. and once the leadership line—up is decided, the policies going forward will be clearer. but is there any doubt that xi jinping is just going to walk through it and get exactly what he wants? the consensus among experts at this moment is definitely h

of this remarkable doctrine he calls a xi jinping thought for the new era. china not only were a million people arrested to make sure they did not cause trouble with the congress they are studying xi jinping thought for the new era. and part of it as you mentioned the idea that china now has to offer a model to all of humanity. it's not just china this going to follow the centralized dictatorship path. they want everyone else to do so as well. that includes the economy increased number of state owned enterprises to dominate the chinese economy for that's the opposite of what everyone thought 20 years ago that moving toward a free market. there been a number of surprises and xi jinping thought. we have not seen it all spelled out yet. parts of it the chinese tell me are still secret he also believes in the slogan that the east is rising in the west is declining. does he really believe the united states is in decline and this is a moment therefore to take advantage of that perhaps militarily? >> yes he does. it is a mirror image on both sides. the american dom

xi jinping warns of dangerous storms ahead, opening china's party congress with a defiant message. haidi: asian stocks may tumble. fx traders are bracing for possibly an intervention, the currency tumbling toward a key psychological level. kathleen: financial markets had to deliver the their verdict on the u.k. prime minister's economic reset she fights to save her premiership. annabelle: this is the start of another trading week in asia and this will be the first chance for traders to react to xi jinping's speech at the weekend, the two hour address at the national party congress highlighting key areas, specifically the environment. tech. national security. some strategists are saying what happens, this is basically china's answer to the nasdaq and we saw it rallying into the party congress on sunday. otherwise, covid zero, the maintain infosys on very strict virus measures. life over the economy. that will hit trading sentiment. the property sector as well, one to watch. mixed signals in that sector. let's look at the set up across asia. china a big driver of sentiment in the reg

. >>> well, today china's communist party gave president xi jinping an unprecedented third term as leader. 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

investors are trying to figure out what the priorities for xi jinping will be.n if they figure out those priorities, the want to stick around when they are seeing an economy that is starting to slow down. we have seen xi jinping make some of those economic priorities clear during the party congress. we are talking about dual circulation and common prosperity. it comes to common prosperity, we have seen how that was used to to rein in tech giants like alibaba and others all losing at least $10 million in value. what does this really mean investors need to line portfolios with the parties of xi jinping are closely than ever. kriti: that certain .30 weakness you are seeing when comes to the offshore yuan, how much worse can it get? shery: we have not seen this level ever since we started seeing the offshore unit traded in 2010. you're seeing onshore falling trade 14 year low against the u.s. dollar. the expectation is we continue to see a slowing economy in china. we are talking about the released gdp data showing mixed recovery. we have the hawkish federal reserve

how surprised was the market by xi jinping doubling down on his covid zero strategy? i think in some ways the market took this sort of in its stride. the consensus, at least amongst oil traders for a while now, has been that china is not going to ease its covid zero restrictions anytime soon. perhaps not until march of next year or even beyond. i would say it is pretty much the biggest thing at the moment affecting the markets's outlook. a lot of oil bulls were saying a few months ago, wait for china to reopen and you will see oil consumption in the country go through the roof and that will send prices back to $120 a barrel and perhaps higher. but that obviously has not happened. i think will traders are reconciled to the fact that china will be under covid zero for at least several more months if not even longer. manus: it's interesting that will has snapped higher this morning even on the back of the zero covid comments. let's see what frightens the world more, nopec or the arms sales. 25% of u.s. arms sales go to saudi arabia. thank you, paul wallace, my colleague

listed chinese stocks plunger concerns over xi jinping's grip on power. the golden dragon index opposing the biggest drop on record. haidi: a rally for the second straight session as investors gear up for technology earnings and the prospect of slower fed hikes. shery: rishi sunak warns of a economic challenge as he becomes the third prime minister this year. u.s. futures under a little bit of pressure after u.s. stocks gaining ground for a second session i had a big technology earnings this week -- ahead of big technology earnings this week. 80% of firms on the s&p 500 are in the green. 60% are positively surprised. we continue to follow the data around the economy in the u.s., pmi's contracting in the services sector, a little bit more pessimistic mood in the new york session although in the asian session we are gaining a bit of ground towards $85 per barrel level on oil. in the u.s. and on what is happening in china, delayed economic numbers. pointing to a mixed recovery. look at what the golden dragon china indexed it today because this is where all o

xi jinping's power grab in beijing has led to a historic route in stocks. want -- yuan fell for the first time ever. traders are concerned that xi's decision to stack his leadership team of loyalists means policy that is not market friendly. rishi sunak has taken a step toward becoming the next prime minister. force johnson pulled out of the race and sunak received her doors -- endorsements from more than half of the conservative members of parliament. penny mordaunt is being pressed by her campaign team to withdraw from the race. she needs support from at least 100 conservative lawmakers to go forward to the final ballot. a new report from the national association for business economists shows more than half of those surveys said a recession is more likely than not will another 11% said we are already in one. the data also indicated and easing in labor market tightness with higher employment over the past three months but wage hikes weakening over the next three months. in baseball, it will be houston versus philadelphia in the world series. the astros wra

xi jinping shows no relent in the meredith -- the narrative of a new china. let me show you the currency and rates market, sterling of one third of 1%, it is giving back some of the gains the fact that rishi sunak is ahead. we will get to that in a moment. dollar-yen, what is the scale of the intervention? commentary from rhoda -- governor kuroda and suzuki. yields dropped, demolish on friday. i liked with steven major had to say, you could build a case for rates at 2%. i say that again -- you could build a case for rates at 2%. in the united states of america based on a hard landing. is that what the fed are trying to avert as they go with this narrative that they may be beginning to consider where we are in terms of peak rates, which would equal a pause, the equivalent of a pivot. more on the china data in a moment. reporters around the world standing by, anna edwards, reunited again, she is in westminster. another big week in u.k. politics. colum murphy helps us digest the chinese party meeting. and annabelle droulers. rishi sunak has taken a step toward b

actually, three of them have served as xi jinping's chief of staff or secretary. so these are really the men xi feels closest to, the men he can trust the most. so regardless of their capability or job performance or popularity, they have been installed because now the only criteria that seem to matter are affinity and loyalty to xi. i want to mention one man in particular, the number two party official now, li qiong, who is all but certain to become china's next premier. he is the man who's going to be in charge of the world's second-largest economy at a time when the economy is facing so many challenges. but partly because of his boss' zero covid policy, but he is also the man who became extremely unpopular as the shanghai party chief because of the government mishandling during the brutal covid lockdown april to june. it seems it doesn't matter, he's now the man standing behind xi jinping when they all walked out today. >> will ripley in taiwan, what has been the reaction from taipei to mr. xi's historic third term? >> reporter: in a way, kind of the same boiler

a powerful seven-member committee is led by xi jinping.thers include -- this final lineup has been beyond many analysts most extreme prediction. it's a historic moment because it breaks so many norms from term limits to early retirement from age norms to female representation as well as resume prerequisites. for example, the one likely to become china's next premiere does not have national governance experience. for the first time in a quarter-century, china will not have a woman sitting on its 24 member politburo, make -- marking a major step back in gender representation. they have showed the utmost loyalty to xi jinping and his policies. critics worry it could present new risk for a lack of opposing voices. caroline: this is bloomberg technology. that was a broad look at the changes in china. now the global ramifications went far and wide. some technology giants lifted in hong kong and new york, absolutely tense after the power grab. the market followed a reshuffle as we heard, but it means a consolidation of control. ed ludlow is here

i want to break it down into xi jinping's power-play.ooking at for individuals the anyone should be looking at for clues to how xi jinping values these kind of positions. willie stec the standing committee with his key loyalists or will he give a signal of party unity by offering a compromise to those tied to the faction the communist youth league? wong young is thought of as being forced to retire. let's look at the four head shots of the ones i'm looking at. if you want to determine that xi jinping has won the party congress, he has not compromise, you are looking at people like these. the and drc chairman in line potentially to be promoted to the 25 person bureau and become economics are replacing mr. fix-it. then the shanghai party bus. if he gets promoted to the premier replacing the outgoing one, that would be interesting. he is an extreme royal -- loyalist but he was tarnished by perceived missteps in the two month long lockdown because of covid. those are the two individuals on sunday if we get a promotion of the first two, xi ji

it's good medicine. >>> after ten years in power already, china's xi jinping is on his way to controlling and shaping his country's destiny for many years to come. the communist party congress which only meets as every five years gathered in buy jing to give xi an unprecedented third term. whoever controls the party also controls the military. the chinese leader used the occasion to put taiwan's fate front and center as he addressed the assembly. >> translator: we will continue for peaceful reunifunction, but we will never promise and we reserve the option of taking all measures necessary this is directed solely at interference by outside forces and the separatists seeking taiwan independence. >> well, that line received the biggest applause of xi's two-hour speech. he went on to say china would continue to modernize all aspects of his military so that it can, quote, effectively fulfill the mission and tasks in the new era. we're covering all angles of the story for you with steven zang and senior international correspondent will ripley in taiwan. let's start in beijing. what stood out to

[applause] xi jinping: a decade ago, this was the situation that we faced. great 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 new features [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 --

powering possibilities. ™ maria: welcome back chinese president xi jinping, opening china's communist congress yesterday, with a speech where he declared his victories under watch attempting to shake off concerns over covid a slowing economy also addressing taiwan insisting that beijing will never renounce using force. >> joining me the atlas organization founder author of "china's vision of victory," jonathan td ward is here about what do you think comes out of party congress xi jinping expected, to be anointed dictator for life mao zedong was the end of nearly this weeklong party congress. >> hi maria good to be with you, of course, the first thing is extension of xi jinping's rule, grants him more time to enact this vision we have to understand remarkable consistence, xi jinping made absolutely clear, the great rerejuvenate nation of chinese nation overarching theme the idea going to become world dominant power next five years essentially as very support milestone i think in part china begins to convert military excuse me economic power into military power that a is a signature of

. >>> well, today china's communist party gave president xi jinping an unprecedented third term as leader 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 will 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 he's amassed more power than any chinese leader 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 mu

we also note that president xi jinping is very secretive. to the speech and compare it to five years ago in 2017. you can tell his heart and mind are looking outward. he is looking at geopolitics and the technological competition with the u.s. i think it is 10% or 50% of his speech when he was talking about external influences influencing china's affairs and his voice cracked with emotion. taiwan is on the top of his mind. haidi: i am quite curious as to what you were going to ask. stephen: i wanted to ask about the tone. you are a mandarin speaker and you can get the tone a lot easier then i can as a second language. you thought his voice was cracking. was he a bit angry? >> yes. stephen: and what does that mean? >> he is visibly angry. the speech had 15 sections and a lot of them were ideological. you could tell he was going through the procedure. but when he talked about geopolitics and china's right to have its own path to modernization, he was very passionate. he also talked about china needing to retain talent in science and engineerin

stephen: these are the potatoe which xi jinping is said to that suggested they switch to and are saidve 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. >> the government paid. we don't need to pay a cent. >> our lives are better than before. the government has built irrigation infrastructure and roads. stephen: but has life improved for everyone? >> it is the same. same same. >> under xi jinpingthe chinese government declared an official end extreme poverty. perhaps it all comes down to the definition of extreme. if you visit rural areas in china, you will find people whose living standards are well short of those in the city. this woman says, in her village, the income is from potatoes. but this year, there was a drought all summer, meaning not even enough for them to use. she is proud of her twin boys, now at university, and has our road from

so scared to go against xi jinping now.mpowered after the people's congress and i think that's why you saw this selloff in hong kong with the hang seng down 6.3%, the shanghai composite down better than 2%, ken. what's your take on this? >> probably more to go, to tell you the truth. if you see that a anywhere around the world where the president takes out one of his own basically and escorts him off, he's consolidating power and all along china's been saying they're free markets. lets' not fool ourselves. this is communist, a duck day tore ship, -- dictator ship. it's a nasty dictatorship. you see it over and over again. this is very scary moment, especially i think they're going to also push the taiwan envelope a little further here with this kind of maneuvering. that's what i think is scaring the markets mostly in asia is the taiwan market and the exposure they have to this brutal dictator. maria: i totally agree. dagen, remember when they celebrated the 100 year anniversary of the ccp and xi jinping said something like