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 3-hour long speech, Xi said the internal and external situations facing China were undergoing complicated changes which the party needed to address. Xi started with the opening remark that ‘the prospects are bright while the challenges are also grave’, before reminding his audience of his achievements over the past five years, which included: poverty reduction, strengthening the one party rule, national security, cutting down pollution and the Belt and Road infrastructure initiatives. One can also throw in “nationalizing China’s capital markets” in this list.
Further, as DB’s Jim Reid wrote overnight, Xi’s anti-graft drive has achieved an ‘important and irreversible’ momentum and he insisted that China has ‘zero tolerance’ on corruption. On the long term, he wants to set the agenda for the country to be ‘a modern, socialist power’ by 2050. On the economy, he says the liberalisation of both interest rate exchanges will continue as “the door China opened will not close but will open wider and wider”.
This post was published at Zero Hedge on Oct 18, 2017.