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China Traders See Tech Focus, More Covid Gloom After Xi’s Speech

  • Two-hour address highlights policy goals in environment, tech
  • Property sector woes get mixed signals over state support
Bloomberg business news
Xi’s Next Power Play

President Xi Jinping’s two-hour address to the party congress on Sunday left traders poring over the nuance of each phrase as China’s leader ranged from Taiwan to semiconductors, pollution, housing and the coronavirus. 

Those expecting a shift away from the Covid Zero policy that has weighed on the economy were disappointed, but there were strong comments in specific areas, such as technology, the environment and national security, that could indicate support in some market sectors. Overall though, Xi did little to lift the gloom that has encompassed China’s markets in the lead-up to the five-yearly leadership meeting.