Bloomberg | Bloomberg | Getty Images BEIJING — China’s leaders are set to convene in Beijing on Oct. 16 for a major political meeting expected to consolidate President Xi Jinping’s power and signal upcoming economic policy. This year’s rally takes on added significance as it has become a widely watched indicator of when China may begin to relax its strict zero-Covid policy. Top leaders of the Communist Party of China are expected to propose that the party hold its 20th National Congress on October 16 in Beijing, state media said on Tuesday. It is “the most important political event of the decade in China,” Citi analysts wrote in a note last week. “Congress is about to embark on a new cycle of political economy,” the Citi report said. In the short term, it may help reduce policy uncertainty and allow Beijing to refocus on economic growth.” The national convention is held every five years and is primarily a political event to determine the next set of leaders of the ruling party. Xi will likely increase his share of political associates in the top two levels of the Chinese leadership, according to the Eurasia Group, which predicted the majority of his political associates holding Politburo seats will rise to 80 percent from 60 percent. and will rise to 57% from 43% in the Politburo Standing Committee. “Larger majorities of Xi’s allies in these bodies would support the Eurasia Group’s view that growing economic difficulties and rising cross-strait tensions have not weakened his power, which stems primarily from his command of key institutions of authoritarian rule such as the military, the security services, the law. enforcement, means of propaganda and selection of personnel,” according to the August 18 report. “The reduced representation of Xi’s associates would indicate an increase in domestic resistance to his rule,” they noted. Xi rose through China’s political ranks to officially become president in 2013. He abolished term limits in 2018 and the latest political overhaul is widely expected to give him an unprecedented third term. Premier Li Keqiang, the second-in-command, has said he will end his term as premier in 2022. Other possible changes include foreign policy leaders. “The conference will thoroughly examine the current international and domestic situation,” an official English-language statement said. The meeting will “formulate action plans and fundamental policies,” the statement said. However, the details of the decisions taken at the party conference will likely not be formalized until the so-called annual “two-session” parliamentary meeting usually held in early March.
End in sight for zero Covid?
The expected conference in mid-October sets a tentative date for when China can relax its so-called dynamic zero-Covid policy. “We expect the zero-Covid policy to be revised after the October meeting, which will help the economy normalize,” Zhiwei Zhang, president and chief economist, Pinpoint Asset Management, said in a note. While much of the world has eased most Covid restrictions, Beijing’s effort to maintain a policy of few to no Covid infections has limited domestic business activity and kept national borders largely closed for more than two years. Analysts at Citi said the ruling party may even “push for China’s reunification[ion] with the world hard as soon as he decides to leave from [dynamic zero-Covid] to win back the lost political capital”.
Read more about China from CNBC Pro
However, growth is expected to remain subdued in the meantime. “We expect the path to China’s economic recovery to be slow as local governments are likely [to] be cautious about easing business restrictions ahead of the 20th Party Congress due to fears of a resurgence of COVID,” Wei Li, senior China economist at Standard Chartered and a team, said in an Aug. 15 note. The firm cut its GDP forecast for China to 3.3% from 4.1%. Other banks have repeatedly cut their expectations to similar levels — well below the country’s official target of around 5.5%. A slowdown in China’s massive real estate industry and slowing global demand – a hit to exports – are creating additional obstacles to growth. China’s third quarter GDP is expected to be released on October 18. — CNBC’s Jihye Lee contributed to this report.
title: “China Is Set To Convene A Historic Meeting On October 16. See What To Expect Klmat” ShowToc: true date: “2022-10-31” author: “Teresa Horst”
Bloomberg | Bloomberg | Getty Images BEIJING — China’s leaders are set to convene in Beijing on Oct. 16 for a major political meeting expected to consolidate President Xi Jinping’s power and signal upcoming economic policy. This year’s rally takes on added significance as it has become a widely watched indicator of when China may begin to relax its strict zero-Covid policy. Top leaders of the Communist Party of China are expected to propose that the party hold its 20th National Congress on October 16 in Beijing, state media said on Tuesday. It is “the most important political event of the decade in China,” Citi analysts wrote in a note last week. “Congress is about to embark on a new cycle of political economy,” the Citi report said. In the short term, it may help reduce policy uncertainty and allow Beijing to refocus on economic growth.” The national convention is held every five years and is primarily a political event to determine the next set of leaders of the ruling party. Xi will likely increase his share of political associates in the top two levels of the Chinese leadership, according to the Eurasia Group, which predicted the majority of his political associates holding Politburo seats will rise to 80 percent from 60 percent. and will rise to 57% from 43% in the Politburo Standing Committee. “Larger majorities of Xi’s allies in these bodies would support the Eurasia Group’s view that growing economic difficulties and rising cross-strait tensions have not weakened his power, which stems primarily from his command of key institutions of authoritarian rule such as the military, the security services, the law. enforcement, means of propaganda and selection of personnel,” according to the August 18 report. “The reduced representation of Xi’s associates would indicate an increase in domestic resistance to his rule,” they noted. Xi rose through China’s political ranks to officially become president in 2013. He abolished term limits in 2018 and the latest political overhaul is widely expected to give him an unprecedented third term. Premier Li Keqiang, the second-in-command, has said he will end his term as premier in 2022. Other possible changes include foreign policy leaders. “The conference will thoroughly examine the current international and domestic situation,” an official English-language statement said. The meeting will “formulate action plans and fundamental policies,” the statement said. However, the details of the decisions taken at the party conference will likely not be formalized until the so-called annual “two-session” parliamentary meeting usually held in early March.
End in sight for zero Covid?
The expected conference in mid-October sets a tentative date for when China can relax its so-called dynamic zero-Covid policy. “We expect the zero-Covid policy to be revised after the October meeting, which will help the economy normalize,” Zhiwei Zhang, president and chief economist, Pinpoint Asset Management, said in a note. While much of the world has eased most Covid restrictions, Beijing’s effort to maintain a policy of few to no Covid infections has limited domestic business activity and kept national borders largely closed for more than two years. Analysts at Citi said the ruling party may even “push for China’s reunification[ion] with the world hard as soon as he decides to leave from [dynamic zero-Covid] to win back the lost political capital”.
Read more about China from CNBC Pro
However, growth is expected to remain subdued in the meantime. “We expect the path to China’s economic recovery to be slow as local governments are likely [to] be cautious about easing business restrictions ahead of the 20th Party Congress due to fears of a resurgence of COVID,” Wei Li, senior China economist at Standard Chartered and a team, said in an Aug. 15 note. The firm cut its GDP forecast for China to 3.3% from 4.1%. Other banks have repeatedly cut their expectations to similar levels — well below the country’s official target of around 5.5%. A slowdown in China’s massive real estate industry and slowing global demand – a hit to exports – are creating additional obstacles to growth. China’s third quarter GDP is expected to be released on October 18. — CNBC’s Jihye Lee contributed to this report.
title: “China Is Set To Convene A Historic Meeting On October 16. See What To Expect Klmat” ShowToc: true date: “2022-10-24” author: “Michael Simons”
Bloomberg | Bloomberg | Getty Images BEIJING — China’s leaders are set to convene in Beijing on Oct. 16 for a major political meeting expected to consolidate President Xi Jinping’s power and signal upcoming economic policy. This year’s rally takes on added significance as it has become a widely watched indicator of when China may begin to relax its strict zero-Covid policy. Top leaders of the Communist Party of China are expected to propose that the party hold its 20th National Congress on October 16 in Beijing, state media said on Tuesday. It is “the most important political event of the decade in China,” Citi analysts wrote in a note last week. “Congress is about to embark on a new cycle of political economy,” the Citi report said. In the short term, it may help reduce policy uncertainty and allow Beijing to refocus on economic growth.” The national convention is held every five years and is primarily a political event to determine the next set of leaders of the ruling party. Xi will likely increase his share of political associates in the top two levels of the Chinese leadership, according to the Eurasia Group, which predicted the majority of his political associates holding Politburo seats will rise to 80 percent from 60 percent. and will rise to 57% from 43% in the Politburo Standing Committee. “Larger majorities of Xi’s allies in these bodies would support the Eurasia Group’s view that growing economic difficulties and rising cross-strait tensions have not weakened his power, which stems primarily from his command of key institutions of authoritarian rule such as the military, the security services, the law. enforcement, means of propaganda and selection of personnel,” according to the August 18 report. “The reduced representation of Xi’s associates would indicate an increase in domestic resistance to his rule,” they noted. Xi rose through China’s political ranks to officially become president in 2013. He abolished term limits in 2018 and the latest political overhaul is widely expected to give him an unprecedented third term. Premier Li Keqiang, the second-in-command, has said he will end his term as premier in 2022. Other possible changes include foreign policy leaders. “The conference will thoroughly examine the current international and domestic situation,” an official English-language statement said. The meeting will “formulate action plans and fundamental policies,” the statement said. However, the details of the decisions taken at the party conference will likely not be formalized until the so-called annual “two-session” parliamentary meeting usually held in early March.
End in sight for zero Covid?
The expected conference in mid-October sets a tentative date for when China can relax its so-called dynamic zero-Covid policy. “We expect the zero-Covid policy to be revised after the October meeting, which will help the economy normalize,” Zhiwei Zhang, president and chief economist, Pinpoint Asset Management, said in a note. While much of the world has eased most Covid restrictions, Beijing’s effort to maintain a policy of few to no Covid infections has limited domestic business activity and kept national borders largely closed for more than two years. Analysts at Citi said the ruling party may even “push for China’s reunification[ion] with the world hard as soon as he decides to leave from [dynamic zero-Covid] to win back the lost political capital”.
Read more about China from CNBC Pro
However, growth is expected to remain subdued in the meantime. “We expect the path to China’s economic recovery to be slow as local governments are likely [to] be cautious about easing business restrictions ahead of the 20th Party Congress due to fears of a resurgence of COVID,” Wei Li, senior China economist at Standard Chartered and a team, said in an Aug. 15 note. The firm cut its GDP forecast for China to 3.3% from 4.1%. Other banks have repeatedly cut their expectations to similar levels — well below the country’s official target of around 5.5%. A slowdown in China’s massive real estate industry and slowing global demand – a hit to exports – are creating additional obstacles to growth. China’s third quarter GDP is expected to be released on October 18. — CNBC’s Jihye Lee contributed to this report.
title: “China Is Set To Convene A Historic Meeting On October 16. See What To Expect Klmat” ShowToc: true date: “2022-10-23” author: “John Douglas”
Bloomberg | Bloomberg | Getty Images BEIJING — China’s leaders are set to convene in Beijing on Oct. 16 for a major political meeting expected to consolidate President Xi Jinping’s power and signal upcoming economic policy. This year’s rally takes on added significance as it has become a widely watched indicator of when China may begin to relax its strict zero-Covid policy. Top leaders of the Communist Party of China are expected to propose that the party hold its 20th National Congress on October 16 in Beijing, state media said on Tuesday. It is “the most important political event of the decade in China,” Citi analysts wrote in a note last week. “Congress is about to embark on a new cycle of political economy,” the Citi report said. In the short term, it may help reduce policy uncertainty and allow Beijing to refocus on economic growth.” The national convention is held every five years and is primarily a political event to determine the next set of leaders of the ruling party. Xi will likely increase his share of political associates in the top two levels of the Chinese leadership, according to the Eurasia Group, which predicted the majority of his political associates holding Politburo seats will rise to 80 percent from 60 percent. and will rise to 57% from 43% in the Politburo Standing Committee. “Larger majorities of Xi’s allies in these bodies would support the Eurasia Group’s view that growing economic difficulties and rising cross-strait tensions have not weakened his power, which stems primarily from his command of key institutions of authoritarian rule such as the military, the security services, the law. enforcement, means of propaganda and selection of personnel,” according to the August 18 report. “The reduced representation of Xi’s associates would indicate an increase in domestic resistance to his rule,” they noted. Xi rose through China’s political ranks to officially become president in 2013. He abolished term limits in 2018 and the latest political overhaul is widely expected to give him an unprecedented third term. Premier Li Keqiang, the second-in-command, has said he will end his term as premier in 2022. Other possible changes include foreign policy leaders. “The conference will thoroughly examine the current international and domestic situation,” an official English-language statement said. The meeting will “formulate action plans and fundamental policies,” the statement said. However, the details of the decisions taken at the party conference will likely not be formalized until the so-called annual “two-session” parliamentary meeting usually held in early March.
End in sight for zero Covid?
The expected conference in mid-October sets a tentative date for when China can relax its so-called dynamic zero-Covid policy. “We expect the zero-Covid policy to be revised after the October meeting, which will help the economy normalize,” Zhiwei Zhang, president and chief economist, Pinpoint Asset Management, said in a note. While much of the world has eased most Covid restrictions, Beijing’s effort to maintain a policy of few to no Covid infections has limited domestic business activity and kept national borders largely closed for more than two years. Analysts at Citi said the ruling party may even “push for China’s reunification[ion] with the world hard as soon as he decides to leave from [dynamic zero-Covid] to win back the lost political capital”.
Read more about China from CNBC Pro
However, growth is expected to remain subdued in the meantime. “We expect the path to China’s economic recovery to be slow as local governments are likely [to] be cautious about easing business restrictions ahead of the 20th Party Congress due to fears of a resurgence of COVID,” Wei Li, senior China economist at Standard Chartered and a team, said in an Aug. 15 note. The firm cut its GDP forecast for China to 3.3% from 4.1%. Other banks have repeatedly cut their expectations to similar levels — well below the country’s official target of around 5.5%. A slowdown in China’s massive real estate industry and slowing global demand – a hit to exports – are creating additional obstacles to growth. China’s third quarter GDP is expected to be released on October 18. — CNBC’s Jihye Lee contributed to this report.
