News that Shapes the Views
US: Tillerson Calls for India Ties to Counter China. US Secretary of State Rex Tillerson has said the US wants to deepen co-operation with India in the face of growing Chinese influence in Asia. His comments come ahead of his visit to India next week.
India Embarks on $32.4 billion State Bank Recapitalisation. India’s cabinet approved a $32.43 billion plan on October 24 to recapitalise its state banks over the next two years, in a bid by Prime Minister Narendra Modi to tackle a major drag on the economy that has frustrated his attempts to boost growth.
PSBs Stake Sale: Centre Puts These 8 banks on First List. The government is considering diluting its stake on a priority basis in those banks where its shareholding is above 75%, as it mulls ways to gather resources to boost the capital base of public sector banks (PSBs) struggling with massive bad assets.
Xi Jinping Elevated at 19th Party Congress. China’s ruling Communist Party enshrined President Xi Jinping’s political thought into its constitution on October 24, putting him in the same company as the founder of modern China, Mao Zedong, and cementing his power ahead of a new top leadership line-up.
New Chinese Leadership Unveilled. China announced its new leadership lineup on October 25 with President Xi Jinping still at the helm of the Chinese Communist Party. Although it’s a team in name, the Chinese president is now more powerful than he’s ever been — especially as there’s no clear successor to Xi in the new lineup.
US does not Brand China Currency Manipulator. The Trump administration on October 17 once again declined to label China a currency manipulator, even though Donald Trump repeatedly pledged during last year’s presidential campaign that he would do so as soon as he took office.