Some folks are saying it’s “too quiet” out there on Wednesday morning, although European shares look to have picked up a little bit of steam.
Asia was flat because Xi Jinping spoke for eight straight hours with no water and without blinking at the 19th Party Congress. I’m just kidding. But he did speak for more than three hours and although it is impossible to “summarize” a three-and-a-half hour speech with bullet points, here’s Bloomberg’s best effort:
There you go. Here’s a bit more:
Xi’s speech — officially known as the party work report, China’s most important policy document — included sections on politics, the economy, national defense, foreign policy and Hong Kong and Taiwan. He reiterated the goal of attaining “moderately prosperous society” by 2020, which has helped drive economic policy over the past five years.
Xi also laid out an ambitious plan to make China a “great modern socialist country” over two stages in the following 30 years — part of what he has called the “Chinese dream.”
By 2050, he said, China will become “a global leader in terms of comprehensive national strength and international influence” with the rule of law, innovative companies, a clean environment, an expanding middle class, adequate public transportation and reduced disparities between urban and rural areas.
North Korea sent over their congrats. “The Chinese people have made great progress in accomplishing the cause of building socialism with Chinese characteristics under the correct guidance of the Communist Party of China in the past and we are greatly pleased over this,” a congratulatory message from The Central Committee of the Workers’ Party of North Korea reads.
