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Chinese stocks wobble as Xi consolidates power

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Analysts say the market is responding to the “purge of market-friendly leadership” and Xi’s tightening grip, putting equity and currency markets on edge.

at last week’s National People’s Conference, securing a third straight term as ruler of the CCP. President Xi is likely to stick to his zero-COVID-19 policy that is damaging growth, analysts say.China’s National Bureau of Statistics reported delayed economic data on Monday showing that GDP grew 3.9 per cent between July and September this year, slightly higher than analyst expectations, but still below the government’s target annual goal of “around 5.5 per cent”.

“We’re focused on those longer-term thematics as opposed to the good old days when we could just buy almost anything and do well.” “However, it is also clearly intended to centralise control, which is ultimately not a positive development for private shareholders.

 

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