bullish
Is US tax driving Chinese stocks?
SUMMARY
- In this part of the world (Hong Kong) there has definitely been a sense over the last few months that, once the CCP conference was out of the way, only then would things start to happen.
- Rightly or wrongly, there was a belief that nobody was prepared to take any risks until the issue of Xi’s third term was resolved.
- We ourselves commented that we believed Xi would indeed secure the third term back in August (see all eyes should be on the 20th Party Congress) in part because at the time there were some quite high profile western analysts asserting that the probability of it not happening was as high as 30%, perhaps not coincidentally leading to some subsequent dramatic social media posts appearing about Xi being under house arrest and there being a faction close to former leader Hu Xintao taking over.
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