A weakening economy, property uncertainties, and changing e-commerce landscape are impacting Chinese wealth creation, according to a study, which revealed that while some benefited, the nation’s economic woes—and the property sector’s downfall, in particular—have dealt a blow to many on the list of rich Chinese. According to the Harun China Rich List 2023 released on Tuesday, with 1,241 people owning more than 5 billion yuan (equal to $690 million), 5 percent, or 64 Chinese individuals, saw their wealth shrink from the previous year, while 15 percent, or 224 people, saw their wealth drop from the high two years earlier. Total wealth dropped 4 percent, to $3.2 trillion, but 522 individuals saw their wealth increase, of which 115 were new faces. For 719 moneyed Chinese, though, wealth remained unchanged, but 179 dropped off the list from last year....Read more https://www.theepochtimes.com/china/changing-economic-landscape-affecting-chinese-prosperity-5515901
A video featuring a Chinese chess grandmaster exposing a senior official within China’s top sports agency for alleged corruption recently went viral on Chinese social media. In the video clip viewed by the Chinese language edition of The Epoch Times, Liu Dahua, a winner of multiple Chinese chess champions, accuses Guo Liping, deputy director of the Chess and Card Sports Management Center of the General Administration of Sport of China (GASC), of rigging the results of national chess tournaments and paying no heed to corrupt practices within the Chinese chess community. The video, which was released on Oct. 17 on Weibo, a popular Facebook-like Chinese social media platform, shows Mr. Liu showing his ID card as proof of his identity as he speaks in front of the camera....
China’s top diplomat will travel to Washington for a three-day visit later this week, a trip that is part of the Biden administration’s continued effort to engage with the Chinese Communist Party (CCP) diplomatically. Chinese Foreign Minister Wang Yi will arrive in Washington on Oct. 26, where he will hold meetings with Secretary of State Antony Blinken and White House national security adviser Jake Sullivan, senior Biden administration officials said on Monday. They did not confirm whether the Chinese diplomat would also meet with President Joe Biden. ‘Challenging Issues’ On Tuesday afternoon, Chinese foreign ministry spokeswoman Mao Ning confirmed Mr. Wang’s U.S. trip. According to China’s state-run media, Ms. Mao said the two sides will have “in-depth exchanges” on international and regional issues of common concern....
China removed defense minister Li Shangfu from his position on Oct. 24, the latest sign of the opacity of the regime’s decision-making. Gen. Li was also dismissed as state councilor, a post outranking a minister, according to a brief statement issued by state media Xinhua. Gen. Li hasn’t been heard from publicly for nearly two months. His last public appearance was on Aug. 29, when he addressed a security forum and held talks with visiting defense ministers from Ghana, Zambia, and several other African countries. Chinese leader Xi Jinping has announced several abrupt changes to his top leadership in recent months. Mr. Xi removed his handpicked foreign minister, Qin Gang, from the post in July, just seven months after he gave Mr. Qin the job....