Beijing, Berlin, Düsseldorf Mostly once a year, China’s head of state and party leader Xi Jinping gives a speech to high-ranking ministry and provincial leaders at the Central University of the Communist Party, which sets the course for the year. But this time it had a special meaning. Because the five-year plan is currently being finalized, which should set the course for the economy in the People’s Republic from March to 2025.
Foreign company representatives may not have liked what Xi said behind closed doors earlier this week. “The most essential feature of building a new development pattern is to achieve a high level of self-sufficiency and self-improvement,” says Xi. ”
New York The US stock exchange operator New York Stock Exchange (NYSE) has withdrawn its plans to exclude three state-owned Chinese telephone companies from stock trading. After further consultations with the relevant supervisory authorities, China Mobile, China Telecom and China Unicom are likely to stay, the NYSE announced on Monday. She did not give any further details.
The NYSE had only announced the lock on Thursday and referred to a US government decree from November. In November, the government banned investments in a total of 31 companies that they claim are controlled by the Chinese military.
After the decision in New York, the share prices of the three companies on the Hong Kong Stock Exchange rose by more than five percent each on Tuesday. Investors who sold the shares of the telecommunications company in the US on Monday were thus caught on the wrong foot.
A Jefferies Financial Group analyst called the turnaround “bizarre”. Jackson Wong, Director of Asset Management at Amber Hill Capital in Hong Kong, called the NYSE’s decision “quite unexpected”.
With the NYSE unclear as to why the NYSE changed course, investors speculated whether this was merely due to the stock market’s initial misinterpretation of the executive order or more general geopolitical implications.
US government officials accuse the Chinese Communist Party of exploiting US citizens’ access to US technology and investments to strengthen the country’s military. The Chinese government, on the other hand, accuses the US of using the national security argument as a pretext to discriminate against Chinese companies in competition.
More: Read here why the optimism remains unbroken on Wall Street.