Xi the Terrible rises

Monday 24 October 2022

A couple of takes from Wall St on the apotheosis of Xi Jinping the Terrible. Goldman is pretty bearish.

The 20th Party Congress concluded on October 22nd and the 20th Politburo Standing Committee (PSC) was unveiled today (October 23rd). The total number of Politburo Standing Committee members remains unchanged at seven, with four of them being newly appointed members (Li Qiang, Cai Qi, Ding Xuexiang and Li Xi). Most of the PSC members and the remaining Politburo members worked with Xi Jinping closely in previous parts of their careers.

As we discussed in our preview, we do not think the 20th Party Congress (and its first Plenum) would be the occasion for major policy changes, and continue to expect a gradual relaxation of “Dynamic Zero Covid” policy stance to start in Q2
2023. Policy implementation could be more efficient though, now that personnel related issues (related to party roles) have been settled.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.