Li Liu: China Breaking News Team
Thanks very much everyone for joining us today. We're going to wrap up today's coverage of the opening of China's 19th Party Congress soon.
Emma O'Brien: Global Markets Editor
For the markets hounds still watching, PBOC deputy Yi Gang was at the speech and just said afterward that the yuan exchange rate is basically perfect.
The currency edged up by about 0.2 percent onshore today.
Li Liu: China Breaking News Team
China Premier Li Keqiang announces ending of the opening session of the 19th Party Congress.
Enda Curran: Chief Asia Economics Correspondent
Xi has finished speaking to rapturous applause.
Enda Curran: Chief Asia Economics Correspondent
3.5 hours. Still going strong.
The Chinese dream is a dream about history, the present and the future.Xi Jinping, President, China
Enda Curran Chief Asia Economics Correspondent
Another CATCHUP as Xi's speech continues:
- President Xi Says Real Economy Needs to Be Improved;
- China Poised for Modestly Prosperous Society
- China and World in Period of Complex Changes
- Says Housing is for living rather than speculation
- Says `No Country Can Afford to Retreat Into Self Isolation'
- Says China to Expand Middle-Income Group
- Chinese Military to Become World's First-Class Force by 2050
Enda Curran: Chief Asia Economics Correspondent
Xi is rattling through how China will contribute to global governance and promises to support multilateral trade regimes and FTAs.
Enda Curran: Chief Asia Economics Correspondent
After lecturing delegates for three hours on the role of the State in China's future development, Xi is sounding quite the globalist right now and promises that China will never seeking hegemony or expansion.
Li Liu: China Breaking News Team
No matter what development level China reaches, it will never seek hegemony.’Xi Jinping, President, China
Enda Curran Chief Asia Economics Correspondent
Xi is surely making a veiled barb at Donald Trump here:
Globalization needs to be more open and balanced, Xi says.
Li Liu: China Breaking News
Xi says China will not allow anyone to separate any of China’s territory.
Li Liu: China Breaking News
Xi said China will offer more rights to free-trade zones on reform measures.
Li Liu: China Breaking News
Xi is talking about Taiwan now.
Li Liu: China Breaking News Team
Xi says China to expand middle-income group.
Elaine To: Visual Media Editor
People's Bank of China Governor Zhou Xiaochuan is in the audience -- as always any comment from him will be keenly awaited, though I suspect it's unlikely we'll hear from him today.
Emma O'Brien Global Markets Editor
More here from Jude Blanchette, engagement director at the Conference Board’s China Center. He's been commentating on the speech live for Bloomberg TV:
“We have a fairly clear blueprint of Xi Jinping’s political economy, with an incredibly robust, strengthened state-owned sector playing a large role in propping up growth’’ We’re moving into a sort of China Inc. 2.0, a real upgraded version. That, sure, has markets and they’re going to play a really important role in this but this is all within a birdcaged economy.’’
Emma O'Brien: Global Markets Editor
Nice tidbit here from Bloomberg's bond guru, Wes Goodman. China is auctioning two- and five-year bonds today, and Xi's focus on the positives in China's economy, rather than the negatives, could push prices lower in those sales.
"Yields are already rising, with the five-year at the highest level since 2014, on the outlook for healthy growth.''
Colin Simpson: Editor, Asia Cross-Asset Markets
Innes at Oanda said supply-side reform is likely to promote further liberalization and let markets play the decisive role in price discovery:
"Foreign investors should like this candor, and I think this is key in the larger picture to encourage investment in the One Belt, One Road initiative."
Enda Curran: Chief Asia Economics Correspondent
Xi's repeated message on the central role that the Party will continue to play in steering the economy won't be lost on foreign investors or companies. If they want greater access to the world's second biggest economy, they will need to do so on China's terms.
Li Liu: China Breaking News Team
Xi says China to offer more autonomy to provincial or lower-level governments.
Karthikeyan Sundaram: Breaking News Editor
Here's a quick snapshot of the market as Xi continues his speech:
Enda Curran: Chief Asia Economics Correspondent
Here's another quick CATCHUP on what more we've learnt from China President Xi Jinping's opening remarks at the 19th Party Congress. He says:
- China to expand the opening of services sector, further lower barriers for foreign businesses
- To defend against systemic risks; will boost strength of state companies
- Will deepen supply side reform
- Will deepen interest-rate and FX reform; expand foreign trade
- Emphasis on ``new era'' of socialism with Chinese characteristics
- ``Zero tolerance'' toward corruption
Crystal Chui: Social Velocity Reporter
Meanwhile on Weibo, the Chinese equivalent of Twitter, Xi's remark on ‘new era' socialism has been hailed by agencies and companies ranging from the Customs to China Construction Bank.
Li Liu: China Breaking News Team
Xi says China's ``political system can not be born out of the foreign political model'', adding the Party will "actively and steadily'' promote political reform.
Enda Curran Chief Asia Economics Correspondent
We're approaching the two hour mark.
Li Liu: China Breaking News Team
Xi says China should not copy political systems of foreign nations.
Li Liu: China Breaking News Team
Xi says China to expand the opening of services sector.
Li Liu: China Breaking News Team
Xi says China to further lower entry barriers for foreign businesses by large scale.
Li Liu: China Breaking News Team
Xi says China should defend against systemic risks.
Li Liu: China Breaking News Team
Xi says China to expand the opening up.
Li Liu: China Breaking News Team
Xi says China to deepen interest rate and exchange rate reform
Li Liu: China Breaking News Team
Xi says China to build up coordination between fiscal, monetary, business policies.
Emma O'Brien Global Markets Editor
Xi Says China To Boost Strength Of State Companies
Emma O'Brien: Global Markets Editor
No surprises on economic messaging thus far for Bloomberg Intelligence's Chief Asia Economist Tom Orlik, he says by email:
“Xi says quality of growth, not speed, is the priority. He talks about the importance of industrial upgrading, innovation. No explicit mention of growth targets but language on achieving a “moderately prosperous’’ society by 2020 -- which implies 6.5 percent annual growth. That seems unchanged.’’
Colin Simpson Editor, Asia Cross-Asset Markets
Pang at ING says technology and the growing middle-income class "are the forces that Xi targets to push economic growth to a more sustainable stage."
Li Liu: China Breaking News Team
Xi says China to support small businesses' innovation.
Emma O'Brien: Global Markets Editor
For some context, People's Bank of China chief Zhou Xiaochuan stirred up angst about deleveraging this week, saying that Chinese companies have too much debt.
That ignited a selloff in government debt and small-cap shares earlier in the week on concern this campaign to reduce debt will take on fresh importance after the congress.
Emma O'Brien: Global Markets Editor
Xi is getting into my favorite topic now - deleveraging! China will continue to work to reduce the country's debt load and will stock to capacity cuts.
Li Liu: China Breaking News Team
Xi adds China to continue to reduce capacity, inventory.
Li Liu: China Breaking News Team
Xi gives more details about the 2050 target, says China to be a leading nation by 2050 in term of comprehensive national power and global impact.
Emma O'Brien: Global Markets Editor
That comment from Xi there that China will deepen supply-side reform -- will be interesting to see if that has any impact on prices for raw materials like coal and steel.
Foster Wong: TOPLive Editor
Xi Says China Economy Shifts to Period Seeking High Quality; China to Deepen Supply Side Reform
Charlie Zhu: Shanghai Bureau Chief
Xi has just laid out a long-term blueprint for China, which he says will become a global power by the middle of this century.
Colin Simpson: Editor, Asia Cross-Asset Markets
Corrupt senior officials in China should be worried, according to Pang at ING Bank:
“Zero tolerance of corruption is exactly what Xi wants from the Party. I expect even bigger Tigers will be investigated.”
Li Liu: China Breaking News Team
Xi says China to be a socialist modern and strong country by 2050.
Enda Curran: Chief Asia Economics Correspondent
We're past the 90 minute mark. There hasn't been much new in terms of economic policy proposals but the speech has been a lesson in political economy. Xi has made it very clear the Party will maintain a central role in development over coming decades.
Li Liu: China Breaking News Team
Xi says China to basically achieve socialist modernization during 2020-2035.
Li Liu: China Breaking News Team
Xi says China to stick to goals in previous Party congresses to build comprehensive moderately prosperous society.
Emma O'Brien: Global Markets Editor
Chinese stocks picking up some gains now, with the Shanghai Composite Index up about 0.2 percent and the ChiNext gauge -- this is the mainland index of small caps that took a hit this week on renewed concerns about deleveraging -- is rising 0.4 percent.
Colin Simpson: Editor, Asia Cross-Asset Markets
While Xi is speaking on modestly prosperous society now, here are more insights from Innes at Oanda. He said strict nationwide controls over environmental issues could lead to slower economic activity into the year-end and well into 2018.
Enda Curran: Chief Asia Economics Correspondent
Huge applause as Xi talks up the role of Marxism in 21st century China.
Li Liu: China Breaking News Team
Xi says "zero tolerance'' towards corruption.
Li Liu: China Breaking News Team
More on Hong Kong and Macau, Xi says China ``must maintain the comprehensive central authority of Hong Kong and Macau, while to protect the high degree of autonomy of the autonomous regions.''
Enda Curran: Chief Asia Economics Correspondent
If there was any doubt about the role Xi wants the Communist Party to play in China's development, this speech should have dispelled it. He has driven home a message that the Party is at the centre of everything and vital to securing prosperity and development.
Li Liu: China Breaking News Team
Xi says China to maintain international orders.
Emma O'Brien: Global Markets Editor
More from reporter Pete Martin on the potential shift in the speech's format:
"Hu Jintao’s introduction and theory sections were shorter. Xi spent longer on politics and ideology, then was much quicker on policy. Not sure if there’s more policy coming or if this is it.''
Li Liu: China Breaking News Team
Xi says “One-China principle'' must be adhered.
Li Liu: China Breaking News Team
Xi is now talking about Hong Kong, Macau, Taiwan.
Enda Curran Chief Asia Economics Correspondent
Delegates listening to Xi have their pens out to parse the speech. There's lots of underlining and note taking, judging by the footage.
Li Liu: China Breaking News Team
Xi says China wants to "contribute to global ecological security''.
Li Liu: China Breaking News Team
Xi stresses Communist Party leadership in the military.
Emma O'Brien Global Markets Editor
That's interesting, Enda -- obviously food safety and pollution have been themes that have really galvanized the rising Chinese middle class during Xi's term.
Enda Curran: Chief Asia Economics Correspondent
There's another mention for the strictest environmental protection, seems to be a sub-theme running through the speech.
Emma O'Brien: Global Markets Editor
We are now around the 75-minute mark. Hu Jintao’s 2012 speech was just under 95 mins.
Emma O'Brien: Global Markets Editor
As Xi speaks, refreshments are being served -- says our reporter Pete Martin in the Great Hall:
"Twelve women in red coats and four men in black coats fanning out to serve tea on stage -- perfectly synchronized. The four men are serving the leaders in the front row and the 12 women are serving those seated behind them.''
Enda Curran: Chief Asia Economics Correspondent
After largely delivering a history lesson for the first hour, Xi is now racing through a sweeping to-do list to ensure China's socialist system continues.
Emma O'Brien Global Markets Editor
Mention of the market here -- Xi says the market should play a decisive role in the allocation of resources, while the government should play a ``better role.''
Enda Curran Chief Asia Economics Correspondent
Xi mentions the need to deepen reforms.
Enda Curran: Chief Asia Economics Correspondent
Karthikeyan Sundaram: Breaking News Editor
More than an hour into President Xi's speech at the 19th Party Congress, here's how the broader market looks:
Emma O'Brien Global Markets Editor
The yuan is maintaining that 0.3 percent gain onshore -- the biggest increase since Oct. 10.
Li Liu: China Breaking News Team
Xi says the Communist Party "leads everything."
Emma O'Brien Global Markets Editor
Our reporters Xiaoqing Pi and Pete Martin in the Great Hall are detecting a shift in the speech's format. Not sure if that's meaningful as yet, though.
Li Liu: China Breaking News Team
Xi seems more grand and international-facing in his comments about Party history and theory. Rather than placing himself as a successor of Mao, Deng and other leaders, he started from the Soviet Union’s revolution and went into China’s great rejuvenation.
Li Liu: China Breaking News Team
Xi seems more grand and international-facing in his comments about Party history and theory. Rather than placing himself as a successor of Mao, Deng and other leaders, he started from Soviet Union’s revolution and went into China’s great rejuvenation.
Colin Simpson: Editor, Asia Cross-Asset Markets
Away from the Congress, Iris Pang, greater China economist at ING Bank in Hong Kong, said:
“Xi’s emphasis on anti-corruption reaffirms that his power is consolidating in the Party.”
Enda Curran: Chief Asia Economics Correspondent
We're an hour into the speech and investors hoping for anything especially new in this speech will be disappointed. So far it has been a broad sweep of Xi's take on China's society and economy and its place in the world but there has been little new by way of policy signals.
Li Liu: China Breaking News Team
“Without the leadership of the Party, the rejuvenation of the nation is an empty thought.”Xi Jinping, President, China
Emma O'Brien: Global Markets Editor
North Korea has sent a congratulatory message to China over the party congress -- according to the official Korean Central News Agency.
Bloomberg TV is interviewing Jude Blanchette at the Conference Board's China Center as the speech progresses, he describes this as:
Li Liu: China Breaking News Team
Today, we are closer, more confident, and more capable than ever before of making the goal of national rejuvenation a reality.Xi Jinping, President, China
Li Liu: China Breaking News Team
Xi says China must keep opposing behaviors "splitting the motherland''.
Li Liu: China Breaking News Team
Xi says China is confident, capable of achieving rejuvenation.
Enda Curran Chief Asia Economics Correspondent
That's an interesting point on the yuan by our colleague Emma. The U.S. Treasury softened its tune overnight and gave China's FX regime a qualified thumbs up.
Enda Curran: Chief Asia Economics Correspondent
He says the Communist Party united the country against the three mountains of imperialism, feudalism and bureaucratic capitalism that was suppressing the Chinese people.
Li Liu: China Breaking News Team
Xi is listing the requirements for realizing the “Chinese dream.''
Emma O'Brien: Global Markets Editor
Peter Martin is Bloomberg's political reporter in the Great Hall. He observes that Xi's speech is more natural in tone and language than Hu Jintao's back in 2012 -- interesting.
Arran Scott: Bloomberg Intelligence Editor
Xi's been talking about unfinished work on the economy -- here's what he did in the last five years, via my colleague Bloomberg Intelligence Chief Asia Economist Tom Orlik and the BI Economics' team:
Colin Simpson: Editor, Asia Cross-Asset Markets
Away from the Great Hall, Stephen Innes, a Singapore-based senior trader at foreign exchange company Oanda, said a "treasure trove of positivity" early in the session is providing very buoyant political sentiment. He said this could see the yuan strengthen into year-end "as the PBOC will likely guide it to a strong tangent."
Emma O'Brien Global Markets Editor
Let's have a look at the yuan, which is rallying out of the gate on this all-important day. Are officials sending a message on the currency? There's been a lot of speculation about whether Beijing will progressively loosen control over the managed yuan once the congress is done and dusted.
Here's the two-day chart:
Li Liu China Breaking News Team
Xi says the main contradiction in the current society is the one between the growing quality of people's lives and the unbalanced and inadequate development.
Arran Scott Bloomberg Intelligence Editor
Xi's been talking about unfinished work on the economy -- here's what he did in the last five years, via my colleague Bloomberg Intelligence Chief Asia Economist Tom Orlik and the BI Economics' team:
Enda Curran: Chief Asia Economics Correspondent
Xi is now talking up the role of the Communist Party:
"National rejuvenaton has been the greatest dream of the Chinese people."
Enda Curran: Chief Asia Economics Correspondent
Here is a quick CATCHUP of China President Xi Jinping's opening speech at the 19th Party Congress:
- Xi outlines progress but real economy needs to be improved, development is unbalanced
- Says China will achieve a modestly prosperous society soon
- Says China and World in a period of complex changes
Emma O'Brien: Global Markets Editor
The yuan has just started trading onshore and is gaining markedly. It's up 0.3 percent right now versus the dollar.
Emma O'Brien: Global Markets Editor
Xinhua, the state news agency, has also flashed a head on the Chinese-socialism-has-entered-a-new-era idea -- they obviously want this idea drummed home.
Li Liu: China Breaking News Team
Xi says China to improve development efficiency and quality.
Li Liu: China Breaking News Team
Xi's definition of China uses nearly identical language to former president Hu Jintao in 2012.
Li Liu: China Breaking News Team
Xi says China is still in primary stage of socialism and that status as biggest developing country hasn’t changed.
Enda Curran: Chief Asia Economics Correspondent
Our development is unbalanced and inadequate. This has become the main constraining factor in meeting the people’s desire for a better life.Xi Jinping, President, China
Emma O'Brien Global Markets Editor
More from Bloomberg political reporter Keith Zhai: "Socialism with Chinese characteristics has entered a new era'' -- this is a key line in the speech.
Emma O'Brien Global Markets Editor
Our political reporter Keith Zhai makes an interesting fashion observation -- Xi is wearing a dark purple tie, whereas Hu Jintao wore a red tie for his previous two work-report speeches.
Emma O'Brien: Global Markets Editor
Chinese stock trading is under way, both in Shanghai and Hong Kong. Predictably, the moves are pretty muted-to-positive, with industrial shares driving a 0.1 percent gain in the Shanghai Composite Index.
Nothing to see here -- which is likely the way officials want things today.
Li Liu: China Breaking News Team
Xi says China will achieve a modestly prosperous society soon.
Charlie Zhu: Shanghai Bureau Chief
More details on Xi's comment about socialism with Chinese characteristics, he said it has blazed a trail for countries seeking to develop their economy while maintaining independence.
Enda Curran: Chief Asia Economics Correspondent
Socialism with Chinese characteristics is now flying high and proud for all to see.Xi Jinping, President, China
Foster Wong: TOPLive Editor
Onshore yuan advances 0.23 percent to 6.6101 per dollar as Xi continues his speech.
Li Liu: China Breaking News Team
Xi says the overwhelming situation of the fight against corruption has formed and consolidated.
Li Liu: China Breaking News Team
Xi says development is not balanced and not efficient, sign of innovation is not strong, the real economy needs to be improved, while ecological and environmental protection have a long way to go.
Karthikeyan Sundaram: Breaking News Editor
As Xi recounted the achievements of the last five years and the fight against corruption, here's how the market performed:
Chris Anstey Managing Editor, Asia Cross-Asset Markets
More insight from the Conference Board's Blanchette:
“Power consolidations don’t sort of reach a static state. If you look back at authoritarian governments, this is an ongoing process. Xi isn’t going to say next week that he no longer has to fight vested interests or doesn’t have parts of the party that aren’t in line with him.”
Li Liu: China Breaking News Team
Xi says there's ``significant improvement in the relationship between the Party and the public''
Colin Simpson Editor, Asia Cross-Asset Markets
Nick Kounis at ABN Amro said before the Xi speech that he is not expecting a major change of course on economic policy from the Congress:
“With growth comfortably above the 2017 target, the authorities are likely to continue with their cautious approach of ‘targeted tightening’ aimed at containing excessive financial leverage such as shadow banking.”
Enda Curran: Chief Asia Economics Correspondent
Sounds like we're getting some forward looking commentary now. Xi is warning there are still challenges ahead such as the need to innovate, disparities in income, employment, housing and so on.
“We have along way to go in protecting the environment.”
Li Liu: China Breaking News Team
Former China President Jiang Zemin isn't flipping pages of the report in unison with others.
Enda Curran: Chief Asia Economics Correspondent
The camera zooms in on the giant hammer and sickle overlooking the great hall and pans back to reveal the giant flags on each side and the packed hall of delegates.
Chris Anstey: Managing Editor, Asia Cross-Asset Markets
Away from the speech, Jude Blanchette of the Conference Board tells Bloomberg Television not to expect any widespread effort to introduce market forces in China's state-owned sector. What we are likely to see is further M&A in state enterprises to consolidate them, Blanchette says.
Li Liu: China Breaking News Team
The Party’s ideals and beliefs are more firm and the Party’s spirit is stronger.Xi Jinping, President, China
Enda Curran: Chief Asia Economics Correspondent
Round of applause for Xi's commentary on tackling corruption.
Enda Curran: Chief Asia Economics Correspondent
We're 30 minutes in and as expected it's been a backward looking speech so far with Xi delivering a report card on the last five years.
Emma O'Brien: Global Markets Editor
From our China FX reporter here in Beijing, Tian Chen -- The People's Bank of China injected 270 billion yuan into the financial system via open-market operations today, the most since Sept. 18.
This is probably a sign officials have taken note of the selloff in government debt we've seen this week, triggered by concern that once this congress is over, Beijing will get stuck back into their campaign to rein in China's huge leverage pile.
Li Liu: China Breaking News Team
The work on Hong Kong, Macau and Taiwan made new progress, with comprehensive and accurate implementation of the principle of one country and two systems.Xi Jinping, President, China
Li Liu China Breaking News Team
Xi says unity of the whole Party and the whole society is more consolidated and adds "National security is fully strengthened.''
Emma O'Brien Global Markets Editor
Chinese stocks have typically eased off both during and after previous party congresses.
We're already seeing signs of that here on the mainland, with small-caps taking a hit this week after the PBOC chief's deleveraging comments -- because that doesn't bode well for small-company borrowing costs going forward.
The Shanghai Composite has dropped an average 3.3 percent over the past three congresses, and another 3.3 percent in the five days after it's done. We'll find out the market reaction when trading starts shortly.
Enda Curran Chief Asia Economics Correspondent
First mention of Hong Kong and Taiwan. Xi says the government is faithfully implementing one country, two systems and upheld the One China principle. He mentions a resolute opposition to those advocating Taiwan independence.
Emma O'Brien Global Markets Editor
Xi's speech-giving tone is quite understated -- his voice is pretty quiet and he refers to his notes often. Not surprising given about 4,000 people helped draft this speech -- he doesn't want to get it wrong!
Li Liu: China Breaking News Team
Xi says unity of the whole Party and the whole society is more consolidated and adds "National security is fully strengthened.''
Enda Curran: Chief Asia Economics Correspondent
Xi says China has taken the driving seat in leading the debate on climate change. That could be a veiled barb toward U.S. President Donald Trump who has promised to withdraw from the Paris Agreement.
Emma O'Brien Global Markets Editor
Despite his reputation for conservatism, Xi has presided over a lot of change in China's markets during his term -- especially in the yuan.
The currency's trading band was widened to 2 percent in 2014 (it can move that amount either side of a reference rate set each day by the central bank), and it was unexpectedly ded in August 2015. It's has taken an interesting route this year, ending a downward trend seen from 2014-2016 to strengthen markedly. This comes after Donald Trump criticized yuan weakness, but also amid the dollar's decline.
For FX market novices, the rising line signals yuan weakness.
Li Liu: China Breaking News Team
Xi says China's foreign exchange reserves rank the forefront in the world.
Emma O'Brien: Global Markets Editor
The yuan fixing is in -- 6.5991 per dollar -- it's weaker than yesterday's but stronger than analysts had expected.
Officials have been targeting strength in the currency the past week or so.
Enda Curran: Chief Asia Economics Correspondent
Xi is now outlining a glowing report card for the nation's economy. Besides pointing out that China contributes more than 30 percent of global growth, he also notes a thriving digital economy and investment in infrastructure among others. He says the government is pushing through reforms in a systematic way.
Li Liu: China Breaking News Team
Xi says South China Sea artificial island building has been progressing.
Li Liu China Breaking News Team
China is still in an important period of strategic opportunity for development. The prospects are bright but the challenges are severe.Xi Jinping, President, China
Enda Curran: Chief Asia Economics Correspondent
Xi is now running through a sweeping overview of the state of the nation, listing among many other points that China's soft power has greatly improved. He says "core socialist s" are alive in the people's hearts.
Li Liu: China Breaking News Team
Xi says China's foreign exchange reserves rank among the top in the world.
Emma O'Brien: Global Markets Editor
As BI's Tom Orlik says, there's unlikely to be some big, stunning about-turn in the speech today that would impact markets -- like a yuan free float, for example.
Xi could, however, convey some general idea of whether he wants to continue with the market opening that has characterized the last few years of his rule -- from the widening of the yuan's trading band to the start of conduits with Hong Kong whereby foreign investors can buy mainland equities and debt.
Li Liu: China Breaking News Team
Xi says China made huge economic achievements in past five years and contributes more than 30 percent to world economic growth.
Li Liu: China Breaking News Team
Enda Curran: Chief Asia Economics Correspondent
Xi flicks at some of the challenges facing both China and the world.
Right now both China and the world are in a period of complex changes.Xi Jinping, President, China
Emma O'Brien: Global Markets Editor
A few mentions of the great ``dream'' of Chinese society -- the Chinese Dream is a key tenet of Xi's rhetoric and refers to affirming China's status on the world stage.
Li Liu: China Breaking News Team
Socialism with Chinese characteristics enters new era, Xi says.
Enda Curran: Chief Asia Economics Correspondent
Xi gets straight into it with an early mention for a moderately prosperous society and socialism with Chinese characteristics.
Enda Curran: Chief Asia Economics Correspondent
Investors hoping for a 'big bang' moment in Xi's speech may be disappointed. We may hear some details today on Xi's grand ambitions around developing the nation's technology industries and building the Belt & Road initiative. But there are key areas where we may be forced to wait, such as the yuan, the growth target or SOE reform.
Foster Wong: TOPLive Editor
Welcome to our TOPLive blog. We are set to bring you coverage of China President Xi Jinping's opening speech at the 19th Communist Party Congress, slated to start on Oct. 18 in Beijing. We're aiming to start at around 8:55 a.m. Beijing time with a walk-up to the speech and continue with news, analysis and market reaction.
We expect the speech to begin at around 9 a.m. Beijing time, though that is not as yet confirmed. We'll adjust our start time should that become necessary.
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