Plenum Notes

We saw early signs of easing from local governments, but Beijing is unlikely to change stance before December.

The change is part of Beijing’s wider plan to include Macau in its broader counter-sanction regime.

Energy policies carry very high political priority, and are hard to reverse.

Beijing is pushing market reform and creating new mechanisms for renewable firms to profit.

The financial risks are manageable because domestic banks’ exposure is limited.

The Chinese slowdown deepened in August, with exports the only bright spot.

Fiscal factors are unlikely to boost China’s slowing growth, despite the deficit being behind target for the first seven months of 2021.