In a year full of surprises, one of the biggest may be the Chinese President's decision to move away from a hard-nosed approach to dealing with the three biggest risks to the economy: Covid Zero, the property sector and US- China tensions.
The Chinese government put together a package to help the real estate market. Regulators issued a 16-point plan to financial firms, with measures that ranged from addressing a liquidity squeeze at developers to loosen down-payment requirements.
Next quarter is when Chinese developers' near-term debt maturitiespeak.
There are sources who say use trust.
On the same day, authorities issued a set of measures to adjust their response to the epidemic. China cut the amount of time travelers and close contacts of virus cases have to spend in quark, pulled back on testing, and ended the system of punishing airlines for bringing cases into the country.
There are reasons to scoop up Chinese stocks and other risk assets at the expense of government bonds. The Hang Seng China Enterprises Index has risen more than 25% this month, making it the best-performing stock gauge in the world.
Larry Hu said that it was a meaningful easing. There is more room for policy change after the party congress, including for the two biggest challenges to the Chinese economy, Covid Zero and property.
China is tweaking Covid Zero at a time when cases are on the rise. Some cities, including Shijiazhuang, 160 miles from Beijing, are afraid they are becoming the test case for China's reopening, while others are just hoping they haven't been forgotten
There were a lot of fence-mending gestures at the G-20 meeting in Indonesia. There, a maskless Xi held several warm meetings with world leaders, including his first meeting with US President Joe Biden. He was against the use of nuclear weapons in the country.
The US said at the end of the talks that they would resume cooperation on climate change and food security. Biden said that everyone would go away with everything in agreement. There needs to be no new Cold War.
The leaders of US allies, including South Korea, France, and Italy called for closer trade ties with China. The new leader of Australia hailed his meeting with the leader of China as a sign of a new beginning.
The last-minute meeting with Britain's new Prime Minister was called off because of their own. The leaders of Japan and China met on the sidelines of the Asia- Pacific Economic Cooperation Forum in Thailand.
The Chinese leader didn't give up all of his vendettas. He confronted Trudeau and accused him of leaking information from a private meeting. Trudeau was told to communicate with mutual respect by China's president. I don't know how it will turn out if it's not.
It is a stark reversal from the gloom that descended over markets in late October after it was revealed that ideology would trump pragmatism for the most powerful Chinese leader in more than four decades.
There is a change of course.
There have been rare flashes of social unrest in China in the last year, and it is possible that the president wants a little more stability. There have been fights between residents and health officials. Videos on social media show hundreds of people marching in the streets and pushing over police barriers.
There is a strong economic component to the decision to make nice. The government is running a fiscal deficit for the first time in years, and may be worried that it is creating new systemic risks. China wants to upgrade its industrial tech sector.
China's local governments have been inventing new ways to make money as the economy slows.
There is a source for this.
It is getting harder for global investors to understand the true state of the Chinese economy after three years of border controls. Ren said something.
The shift in tone is being noticed by Wall Street, with the founder of Citadel saying he is sticking to his plans.
Beijing's recent moves to relax Covid measures and to support property markets are indicative of the team's commitment to re-accelerating Chinese economic growth.
Putin could be the biggest loser in the new rapprochement.
The German chancellor said that the Russian president has no strong alliance partner. The G-20 leaders signed off on a statement condemning the war in Ukraine.
Time is running out for TikTok, which is investing a lot to address US concerns about its data security. China hawks in Washington are trying to get it banned or sold to the US.
The CEO of TikTok said that the company is working on a project called Project Texas that will keep sensitive data out of the hands of American users. The effort was extremely difficult and expensive to build.
This is the first time it has been done. At the New Economy Forum, Chew said that no company had ever tried this.
The ownership of TikTok in the US is being considered by the Biden administration.
Concerns that the app would remain a threat have caused the effort to stall. Christopher Wray, the director of the FBI, said this week that China could influence the app to control millions of users' data or software.
ByteDance has an online repository of bite-sized clips that took the short-video format mainstream. The success of the Chinese firm made it the world's most richly valued startup.
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