FT News Briefing Xi Jinping opens China’s Communist party congress
Oct 17, 2022
Xi Jinping is gearing up for his unprecedented third term, declaring a 'critical time' in China's history. Meanwhile, UK politics is in flux with Jeremy Hunt as Chancellor, facing pressure amidst economic instability. In the US, banks are enjoying robust profits from the Fed's interest rate hikes, although they grapple with potential credit risks. The podcast dives into the uncertain future of leadership in both China and the UK, reflecting on the broader global implications of these developments.
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Truss’s Uncertain Future
- UK’s new chancellor Jeremy Hunt claims Liz Truss is still in charge, but her economic strategy faces market scrutiny and political pressure.
- The Conservative Party is divided on a replacement, making it challenging to agree on how and when to replace Truss.
US Bank Profits Soar
- US banks are benefiting from increased net interest income due to Federal Reserve rate hikes.
- They're keeping deposit interest low, maximizing profits while potentially creating future credit risks.
Xi Jinping’s Continued Rule
- Xi Jinping is set for a third term as China's leader, solidifying his power.
- This raises concerns about unchallenged economic decisions and potential long-term risks for China.