Comments on Xi Jinping’s Speech at the Party Congress

CHINA FINANCIAL - Report 18 Oct 2017 by Michael Pettis

​For all the ink that will be spilled on it I think there was nothing in today’s speech by Xi Jinping that is likely to cause anyone to change his mind about China's economic prospects, nor was there ever likely to be. This was meant to be a political speech and to check all the necessary boxes. At any rate, when it comes to economic policy-making, I think the task facing Xi Jinping is fairly easy to describe, but we can only judge the outcome by watching it unfold. Beijing must get credit growth under control as quickly as it can because the longer it takes to do so, the worse China's economic performance will be over the medium and long term, and the greater the chance of financial disruption over the near term, although I still think a crisis is unlikely.

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