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Chairman of everything: Xi Jinping consolidates his power, and officials are quaking in their boots

July 8, 2014 Leave a comment

Chairman of everything: Xi Jinping consolidates his power, and officials are quaking in their boots

Jul 5th 2014 | BEIJING | From the print edition

CHINA’S president appears to have killed two eagles with one arrow in bringing down one of the nation’s highest-ranking military men. On June 30th General Xu Caihou was stripped of his Communist-Party membership and handed over to prosecutors on corruption charges. State media said he took money and other loot in exchange for arranging promotions. Until last year, General Xu was one of the two dozen most powerful men in the country.

His fall helps consolidate Xi Jinping’s control over the army and at the same time burnishes his credentials as an anti-corruption crusader. The party announced the expulsion of six more figures this week, including a former vice-minister, a former senior manager at a state-owned oil firm and a former head of a government watchdog. All of them were connected to Zhou Yongkang, until 2012 the head of state security and formerly one of China’s nine most powerful men. In a separate announcement, the party dismissed Wan Qingliang, a rising star who was party boss of Guangzhou, one of China’s largest cities.

Read more at  http://www.economist.com/news/china/21606318-xi-jinping-consolidates-his-power-and-officials-are-quaking-their-boots-chairman-everything

 

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KB Kee is the Managing Editor of the Moat Report Asia (www.moatreport.com), a research service focused exclusively on highlighting undervalued wide-moat businesses in Asia; subscribers from North America, Europe, the Oceania and Asia include professional value investors with over $20 billion in asset under management in equities, some of the world’s biggest secretive global hedge fund giants, and savvy private individual investors who are lifelong learners in the art of value investing. KB has been rooted in the principles of value investing for over a decade as an analyst in Asian capital markets. He was head of research and fund manager at a Singapore-based value investment firm. As a member of the investment committee, he helped the firm’s Asia-focused equity funds significantly outperform the benchmark index. He was previously the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. KB has trained CEOs, entrepreneurs, CFOs, management executives in business strategy, value investing, macroeconomic and industry trends, and detecting accounting frauds in Singapore, HK and China. KB was a faculty (accounting) at SMU teaching accounting courses. KB is currently the Chief Investment Officer at an ASX-listed investment holdings company since September 2015, helping to manage the listed Asian equities investments in the Hidden Champions Fund. Disclaimer: This article is for discussion purposes only and does not constitute an offer, recommendation or solicitation to buy or sell any investments, securities, futures or options. All articles in the website reflect the personal opinions of the writer.

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