CCP SIEZES MARKET TO KEEP NUMBERS UP AHEAD OF 20TH CONGRESS – The Chinese Communist Party is giving more specific commands to its corporations and financial institutions in a bid to keep the overall economic numbers looking good ahead of Xi’s ascension to Dictator for Life in the 20th People’s Party Congress. Moves include essentially buying and selling stocks among employees and easing.
NEWSWATCH BLURB:
As Xi opens congress, China’s state hands keep markets steady – www.reuters.com
Excerpt:
As Chinese President Xi Jinping opened the landmark Communist Party Congress, the country’s vast financial bureaucracy has been busily tamping down ripples of turmoil across its currency and stock markets.
Chinese state banks are stepping up intervention to defend the weakening yuan, banking sources told Reuters on Monday. Scores of companies have announced share buybacks or executive share purchase plans since Friday, when regulators unveiled plans to ease share buyback rules.
State-owned banks vowed in unison that they would boost support for the economy while state-run asset managers pledged in identically worded statements their “confidence in the long term and healthy development of China’s capital markets”.
CHINA HIDES EXPECTED YEARLY ECONOMIC DATA AHEAD OF 20th CONGRESS – Just one day before the Chinese government was set to release yearly and quarterly economic reports, an indefinite delay was announced. There was no reason given for the announcement. Among the key numbers expected were the country’s annual GDP growth, quarterly retail sales, and the monthly unemployment rate.
NEWSWATCH BLURB:
China GDP and other key economic data delayed amid 2022 Communist Party Congress – www.cnn.com
Excerpt:
China has abruptly delayed the publication of key economic data, one day before its scheduled release, as the ruling Communist Party gathers at a major political meeting against the backdrop of a faltering economy.
The country’s National Bureau of Statistics updated its schedule on Monday, with the dates for a series of economic indicators – including the closely-watched GDP growth – marked as “delayed.” The indicators, which had been scheduled for release on Tuesday, also include quarterly retail sales, industrial production and monthly unemployment rates.
The bureau did not give a reason for the delay or set a new publication date.
