Chinese President Xi Jinping gave his speech opening the 20th Communist Party congress in Beijing on Sunday.
Bloomberg's summary provides no relief for those looking for a change to the one-party state's approach to the management of coronavirus:
- Xi praised Covid Zero, his no-tolerance approach to containing infections
Nor on the imploding property sector:
- 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.
It looks like those two factors will continue to be a drag on China's economy and, in turn, globally.
Bloomberg cite Goldman Sachs further:
- Goldman Sachs Group Inc. economists wrote in a note the party congress “may not be an inflection point for major policy changes.” They see a reopening from Covid Zero will probably be delayed until at least the second quarter of 2023 -- and “implemented gradually” at that.
Here is the link to the Bloomberg piece, gated.
