President Xi at the 20th Party Congress
Forbes
Last week saw the culmination of the 20th National Congress of the Chinese Communist Party (CCP), commonly referred to as Èrshí Dà (Chinese: 二十大). One of the immediate outcomes saw The Nasdaq Golden Dragon China Index, which are US listed Chinese stocks plunge to their lowest level in almost 10 years wiping more than $73 billion in combined market cap. The selloff was indicative of investors’ frustration over the persistent zero-Covid policy, as well as their concern over China’s private sector reforms and economic policies under the rule of Xi and his party loyalist allies. However, amongst the doom and gloom in many media outlets over rising US-China tensions, the US and China have a robust trading relationship which is not going to disappear nor decouple overnight. The ability for companies like Target
TGT
and Walmart
WMT
to sell cheaper goods to US consumers has been…
