Daily News | Chinese Communist Party Congress

The most important political and economic event of the week we have been eagerly waiting for – the Chinese Communist Party Congress – was opened on Wednesday by President Xi Jinping. He said that he won’t copy political systems of others and that he would like to build a modern socialist society. This Congress is important because a new Politburo Standing Committee will be chosen there. These men will get a mandate to rule China in the next five years. Some analysts predict that China will ease foreign access to the market. Also, as a step towards creating a modern socialist society, China will probably have to do some big market-oriented changes, but will most probably try at the same time to strengthen state firms even more. As mentioned, they don’t want to copy anyone’s political system.

As a consequence of the opening of the Chinese Communist Party Congress Asian shares rose. Investors want to know in what direction China will sail in the next couple of years and it seems that we can already guess the course. China’s blue-chip CSI300 index .CSI300 rose 0.5 percent and Shanghai stocks .SSE rose 0.3 percent, so it will be very interesting to see how things develop from now on. We will keep monitoring everything and let you know as soon as anything changes.

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Author: Max Rothstein

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