U-turn on the Great Wall of China

End of zero Covid

There seems to always be something happening in China worth writing about; but the last quarter of 2022 was particularly eventful, and markets experienced a very tight U-turn.

On 22 October 2022, the country witnessed the closing of the 20th National Congress of the Chinese Communist Party, where President Xi Jinping secured himself in power for another five years, becoming effectively the second most powerful person in modern Chinese history, after Mao Zedong. Financial markets were disappointed, with Chinese stocks experiencing the deepest daily fall since 2008. Deep Dive: China's property story not over despite revival efforts While the re-election itself was widely expected, what markets did not like was that Xi's politburo is now only composed of his s...