Authored by Mike Shedlock via Maven.net/MishTalk,
At the nineteenth Communist Party meeting, Chinese president Xi Jinping consolidated his hold on power.
But can he make China great again? What would it take?
New Yorker columnist Jiayang Fan notes At the Communist Party Congress, Xi Jinping Plays the Emperor.
Despite all the talk of deleveraging, China did anything but according to its most recent data but the lagged impact of the tumbling credit impulse is starting to show up in the broader macro data. Despite the National Congress being under way (and recent credit spikes and positive PBOC hints) GDP growth limped lower to the expected +6.8% YoY, and fixed asset investment growth was the weakest in over 17 years...
As reported first thing this morning, China's President Xi Jinping outlined his vision for the next five years, ushering in a "new era" (a term he repeated 36 times) of development in China, as the Communist Party’s 19th Congress opened in Beijing on Wednesday. During a 3½-hour long speech, Xi said the internal and external situations facing China were undergoing complicated changes which the party needed to address.
World stocks stayed near peaks and currencies moved in tight ranges on Wednesday as China’s 19th Communist Party Congress opened while focus in Europe turned to speeches from top euro zone central bankers before next week’s key policy meeting, as well as Catalonia's ultimatum due on Thursday. S&P futures are solidly in the green as usual, with Dow futures jumping above 23,000, driven higher by IBM as investors looked for new reasons to extend gains after hitting new all-time highs Tuesday.
Xi Jinping delivered a three and a half-hour speech at the opening of China’s 19th Party Congress, the once in five years mega-Communist Party gathering (previewed here), to herald a ‘new era’ of power (a term he used 36 times), consolidating his position as perhaps the most influential Chinese leader in decades. While he did lay out guidelines to develop China in this ‘new era’, bottom line: Heavy in superlatives, light on specifics.