WealthyTrails
  • Home
  • IPO
    • Upcoming IPO 2023
    • IPO 2022
  • Trading Holidays 2023
  • Share Market Stories
No Result
View All Result
  • Home
  • IPO
    • Upcoming IPO 2023
    • IPO 2022
  • Trading Holidays 2023
  • Share Market Stories
No Result
View All Result
WealthyTrails
No Result
View All Result
Home News Global Stock Market and Business News

Xi to meet Putin in first trip outside China since COVID began By Reuters

7 months ago
in Global Stock Market and Business News
Reading Time: 5 mins read
A A
0
Xi to meet Putin in first trip outside China since COVID began By Reuters
104
VIEWS
Share on FacebookShare on TwitterShare on linkedinShare on Whatsapp


Xi to meet Putin in first trip outside China since COVID began
© Reuters. Russian President Vladimir Putin attends a meeting with Chinese President Xi Jinping in Beijing, China February 4, 2022. Sputnik/Aleksey Druzhinin/Kremlin via REUTERS ATTENTION EDITORS – THIS IMAGE WAS PROVIDED BY A THIRD PARTY.

By Guy Faulconbridge and Yew Lun Tian

LONDON/BEIJING (Reuters) -Xi Jinping will leave China for the first time in more than two years for a trip this week to Central Asia where he will meet Russia’s Vladimir Putin, just a month before he is set to cement his place as the most powerful Chinese leader since Mao Zedong.

The trip, Xi’s first abroad since the start of the COVID-19 pandemic, shows just how confident he is about his grip on power in China and just how perilous the global situation has become.

Against a backdrop of Russia’s confrontation with the West over Ukraine, the crisis over Taiwan and a stuttering global economy, Xi is due on a state visit to Kazakhstan on Wednesday.

China’s president will then meet Putin at the Shanghai Cooperation Organization’s summit in the ancient Silk Road city of Samarkand in Uzbekistan, Kazakhstan and the Kremlin said.

Putin’s foreign policy aide, Yuri Ushakov, told reporters last week that the Russian president was expected to meet Xi at the summit. The Kremlin declined to give details on their talks. China has yet to confirm Xi’s travel plans.

The meeting will give Xi an opportunity to underscore his clout while Putin can demonstrate Russia’s tilt towards Asia; both leaders can show their opposition to the United States just as the West seeks to punish Russia for the Ukraine war.

“It is all about Xi in my view: he wants to show just how confident he is domestically and to be seen as the international leader of nations opposed to Western hegemony,” said George Magnus, author of “Red Flags”, a book about Xi’s challenges.

See also  Myth-Busting: ETFs Are Eating the World

“Privately I imagine Xi will be most anxious about how Putin’s war is going and indeed if Putin or Russia are in play at some point in the near future because China still needs an anti-western leadership in Moscow.”

Russia suffered its worst defeat of the war last week, abandoning its main bastion in northeastern Ukraine.

The deepening “no limits” partnership between the rising superpower of China and the natural resources titan of Russia is one of the most intriguing geopolitical developments of recent years – and one the West is watching with anxiety.

Once the senior partner in the global Communist hierarchy, Russia after the 1991 collapse of the Soviet Union is now considered a junior partner of a resurgent Communist China which is forecast to overtake the United States as the world’s biggest economy in the next decade.

Though historical contradictions abound in the partnership, there is no sign that Xi is ready to drop his support for Putin in Russia’s most serious confrontation with the West since the height of the Cold War.

Instead, the two 69-year-old leaders are deepening ties. Trade soared by nearly a third between Russia and China in the first 7 months of 2022.

The visit “shows that China is willing to not only continue ‘business as usual’ with Russia but even show explicit support and accelerate the formation of a stronger China-Russia alignment,” said Alexander Korolev, senior lecturer in politics and international relations at UNSW Sydney.

“Beijing is reluctant to distance itself from Moscow even when facing serious reputational costs and the risks of becoming a target of secondary economic sanctions.”

See also  Pelosi to step down from U.S. House leadership, passing to a new generation By Reuters

XI SUPREME

Xi is widely expected to break with precedent at a Communist Party congress that starts on Oct. 16 and secure a third five-year leadership term.

While Xi has met Putin in person 38 times since becoming China’s president in 2013, he has yet to meet Joe Biden in person since the latter became U.S. President in 2021.

Xi last met Putin in February just weeks before the Russian president ordered the invasion of Ukraine which has left tens of thousands of people dead and sown chaos through the global economy.

At that meeting at the opening of the Winter Olympics, Xi and Putin declared a “no limits” partnership, backing each other over standoffs on Ukraine and Taiwan with a promise to collaborate more against the West.

China has refrained from condemning Russia’s operation against Ukraine or calling it an “invasion” in line with the Kremlin which casts the war as “a special military operation”.

“The bigger message really isn’t that Xi is supporting Putin, because it’s been pretty clear that Xi supports Putin,” said Professor Steve Tsang, director of the China Institute at the School of Oriental and African Studies in London.

“The bigger signal is that he, Xi Jinping, is going out of China for the first time since the pandemic in the run-up to the party congress. If there were going to be plottings against him this is when the plottings would happen. And he’s clearly confident that the plottings are not going to take place because he is out of the country.”

See also  Biden warns election deniers pose threat, blames Trump By Reuters

Xi, the son of a communist revolutionary, is poised to secure a historical third leadership term at the 20th Communist Party Congress beginning on Oct. 16. He last left China in January 2020, before the world went into COVID lockdown.

KREMLIN CHIEF

After the West imposed on Moscow the most severe sanctions in modern history due to the war in Ukraine, Putin says Russia is turning towards Asia after centuries of looking to the West as the crucible of economic growth, technology and war.

Casting the West as a declining, U.S.-dominated coalition which aims to shackle – or even destroy – Russia, Putin’s worldview chimes with that of Xi, who presents China as an alternative to the U.S.-led, post-World War Two order.

Putin aide Ushakov said the Xi-Putin meeting would be “very important”. He did not give further details.

As Europe seeks to turn away from Russian energy imports, Putin will seek to boost energy exports to China and Asia.

Putin said last week that a major gas export route to China via Mongolia had been agreed. Gazprom (MCX:) has for years been studying the possibility for a major new gas pipeline – the Power of Siberia 2 – to travel through Mongolia taking Russian gas to China.

It will carry 50 billion cubic metres of gas per year, around a third of what Russia usually sells Europe – or equivalent to the Nord Stream 1 annual volumes.

The Shanghai Cooperation Organization, which includes Russia, China, India, Pakistan and four Central Asian states, is due to admit Iran, one of Moscow’s key allies in the Middle East.



Source link

Tags: World
Previous Post

Index + Factors + Alpha, ESG: Financial Analysts Journal Editor’s Snapshot

Next Post

Swing Trade: Stock at Bottom, Bulls Ready to Charge Higher!

Related Posts

Your Wallet Is Being Drained by Subscriptions. Wall Street Thanks You.
Global Stock Market and Business News

Your Wallet Is Being Drained by Subscriptions. Wall Street Thanks You.

December 12, 2022
WhatsApp back online after global outage hits users By Reuters
Global Stock Market and Business News

FX swap debt a $80 trillion ‘blind spot’ BIS says By Reuters

December 6, 2022
Poor Countries Feel Sting of Local-Currency Debt
Global Stock Market and Business News

Poor Countries Feel Sting of Local-Currency Debt

December 6, 2022
Oil prices rise after OPEC+ keeps output steady, Russian price cap imposed By Reuters
Global Stock Market and Business News

Oil prices rise after OPEC+ keeps output steady, Russian price cap imposed By Reuters

December 5, 2022
Next Post

Swing Trade: Stock at Bottom, Bulls Ready to Charge Higher!

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
Institute of Actuaries retires 4 Managing Council members, creates ‘constitutional crisis’

Institute of Actuaries retires 4 Managing Council members, creates ‘constitutional crisis’

September 11, 2022
COVID-19 and 17 May: Tax Day Considerations for Clients

COVID-19 and 17 May: Tax Day Considerations for Clients

September 17, 2022
OYO to bring onboard 600 new hotels & homes in South India by year-end

OYO to bring onboard 600 new hotels & homes in South India by year-end

September 5, 2022
Europe’s Energy Crunch Could Spark Flashbacks to the Eurozone Crisis

Europe’s Energy Crunch Could Spark Flashbacks to the Eurozone Crisis

September 9, 2022
Peloton Becomes Barry McCarthy’s Ride or Die

Peloton Becomes Barry McCarthy’s Ride or Die

3
Dollar Bulls to Remain in Control as Fed to Double Down on Hawkish Stance By Investing.com

Dollar Bulls to Remain in Control as Fed to Double Down on Hawkish Stance By Investing.com

2
Palestinians in Gaza protest towards wave of Israeli violence | Gaza News

Palestinians in Gaza protest towards wave of Israeli violence | Gaza News

2
Goldman Sachs Remains Bullish on Tesla After Meeting By Investing.com

Goldman Sachs Remains Bullish on Tesla After Meeting By Investing.com

1
Hindenburg Research: An Investment Research Firm Specializing in Short-Selling

Hindenburg Research: An Investment Research Firm Specializing in Short-Selling

February 1, 2023
Understanding Grey Market Premium (GMP) in IPOs – Busting Myths & Confusions

Understanding Grey Market Premium (GMP) in IPOs – Busting Myths & Confusions

January 31, 2023
Invest in these stocks to double down your returns in 2023

Companies Offering Over 300% Dividend in 2023 | Motilal Oswal, TVS Motors, Siemens, Accelya Solutions, Saregama

January 31, 2023
Infosys Buyback 2022 – Announcement, Date, Price, Details & More

Infosys Buyback 2022 – Announcement, Date, Price, Details & More

January 29, 2023

Web Stories

Top 5 Companies Devastated by Hindenburg Research | Nikola, SC Worx, Genius Brand, Ideanomic, Mullen Auto
Top 5 Companies Devastated by Hindenburg Research | Nikola, SC Worx, Genius Brand, Ideanomic, Mullen Auto
Adani Group Exposed: Report Reveals Decades-Long Stock Manipulation & Accounting Fraud
Adani Group Exposed: Report Reveals Decades-Long Stock Manipulation & Accounting Fraud
Investing in Bonds: Pros and Cons | Wealthy Trails
Investing in Bonds: Pros and Cons | Wealthy Trails
How IPOs in India Pumped & Dumped?
How IPOs in India Pumped & Dumped?
simple way to invest in 50 stocks at once
simple way to invest in 50 stocks at once
View all stories
WealthyTrails

© 2022 WealthyTrails.com

Navigate Site

  • About
  • Disclaimer
  • Privacy & Policy
  • Contact
  • Story Archives
  • Tags

Follow Us

No Result
View All Result
  • Home
  • IPO
    • Upcoming IPO 2023
    • IPO 2022
  • Trading Holidays 2023
  • Share Market Stories

© 2022 WealthyTrails.com

Top 5 Companies Devastated by Hindenburg Research | Nikola, SC Worx, Genius Brand, Ideanomic, Mullen Auto Adani Group Exposed: Report Reveals Decades-Long Stock Manipulation & Accounting Fraud Investing in Bonds: Pros and Cons | Wealthy Trails How IPOs in India Pumped & Dumped? simple way to invest in 50 stocks at once