From Breakingviews - China congress will keep investors catastrophizing
was rudely halted last year. The benchmark CSI300 index tracking the largest companies in Shanghai and Shenzhen has delivered annualised returns of less than 4% over the past five years, per Refinitiv data, including reinvested dividends. That's better than the MSCI Emerging Market Index but barely a third of returns from America’s S&P 500.
Investors may hope that after Xi’s political dominance is reassured, officials will then focus on boosting business confidence. That could prove to be wishful thinking. A similar assumption of the importance of economic stability ahead of the meeting has already been shattered. Xi is shuttering major cities every few months to stamp out Covid-19 outbreaks despite the traumatising impact on services and consumption. For the first time, annual growth may miss the official target of 5.
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