Xi's speech to Congress: No change to covid zero strategy
The Party Congress has kicked off this weekend with President Xi Jinping in the running to defy the Party’s retirement norms by securing a landmark 3rd term in power, as analysts at TD Securities explained. '
''Markets will watch out for headlines on easing China's zero COVID strategy and focus will also be on the reshuffle of top economic roles as current incumbents are due to step down given retirement age and term-limit norms.''
So far, as per Xi's opening speech to Congress, there is no change to the one-party state's approach to covid nor the property sector.
''Chinese President Xi Jinping signalled no change in direction for two main risk factors dragging down China’s economy -- strict Covid rules and housing market policies -- providing little lift to a worsening growth outlook.
Xi praised Covid Zero, his no-tolerance approach to containing infections, during a speech opening the 20th Communist Party congress in Beijing on Sunday, although he didn’t reference the virus again in sections laying out plans for the future. His slogans on China’s property market, meanwhile, repeated prior language even as the sector experiences its longest-ever slump due to policies aimed at curbing debt and financial risks,'' Bloomberg wrote in an article.
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
