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

Chinese President Xi Jinping gave his speech opening the 20th Communist Party congress in Beijing on Sunday.

Bloomberg’s summary provides no relief for those looking for a change to the one-party state’s approach to the management of coronavirus:

• Xi praised Covid Zero, his no-tolerance approach to containing infections

Nor on the imploding property sector:

• 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.

It looks like those two factors will continue to be a drag on China’s economy and, in turn, globally.

Bloomberg cite Goldman Sachs further:

• 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.

Here is the link to the Bloomberg piece, gated.