Investment Strategy Insights: Assessing the Aftermath of China's 19th Congress

A blend of substance and spectacle, this month’s mysterious 19th National Congress will soon unfold. Consensus believes that President Xi elevated China’s economy leading up to this transition, and that a slowdown will ensue in its wake. This is no small matter, remember mid-2015 when China hit the debt brakes? The global economy thawed through mid-2016 as a result.

Indeed China’s fiscal spending has accelerated this year. On the opposite side of the ledger, monetary policy was tightened with steps taken to cull debt extended for speculation. Not all has been sugar and spice. Still China’s economy has gained speed. Instead of President Xi’s meddling, the synchronous global acceleration as well as China’s increasingly energetic consumer seem to be the actual causes. So what lies beyond the 19th Plenum and what are the implications for global markets?

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