China's Xi speech flagged no change to COVID-ZERO policy, no relief for property slump

[forex4you]

China's Xi speech flagged no change to COVID-ZERO policy, no relief for property slump

<p>Chinese President Xi Jinping gave his speech opening the 20th Communist Party congress in Beijing on Sunday.</p><p>Bloomberg's summary provides no relief for those looking for a change to the one-party state's approach to the management of coronavirus:</p><ul><li>Xi praised Covid Zero, his no-tolerance approach to containing infections</li></ul><p>Nor on the imploding property sector:</p><ul><li>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.</li></ul><p>It looks like those two factors will continue to be a drag on China's economy and, in turn, globally. </p><p>Bloomberg cite Goldman Sachs further:</p><ul><li>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.</li></ul><p>Here is the <a href="https://www.bloomberg.com/news/articles/2022-10-16/xi-gives-little-reassurance-china-s-main-economic-risks-to-ease" target="_blank" rel="nofollow">link to the Bloomberg piece</a>, gated. </p>

                This article was written by Eamonn Sheridan at forexlive.com.

Source: China's Xi speech flagged no change to COVID-ZERO policy, no relief for property slump

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