Trump Gets Xi Invite, CIRC Chairman Probe: Eye on Chinese Media

President Xi Jinping invited U.S. counterpart Donald Trump at their meeting last week to join the Belt and Road Initiative, his plan to boost China’s global influence, the official Xinhua News Agency reported without details on the American response. Xinhua also summed up the key results from the meeting and called it "fruitful." China will hold a Belt and Road summit next month, with more than 20 heads of state planning to attend.

Elsewhere:

  • China Insurance Regulatory Commission Chairman Xiang Junbo is the highest ranking financial regulator to be investigated, according to state broadcaster CCTV. Xinhua reported earlier that the 60-year-old is under probe on suspicion of severe disciplinary violations, using the Communist Party’s usual euphemism for corruption.
  • About 30 state-owned enterprises under central government supervision have pledged to support construction of the Xiongan New Area near the nation’s capital, a new economic zone that has been put on equal footing with Shenzhen and Shanghai’s Pudong zones, according to Beijing Youth Daily. Some companies plan to expand outreach in the new city, and others have established groups to work on the issue, the paper reported. Beijing will relocate many state firms, universities, hospitals, research institutions and less-important government agencies to Xiongan and policy makers will use administrative and market-oriented measures to facilitate the migration, according a recent note from Morgan Stanley.

— With assistance by Miao Han

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