China Traders See Tech Focus, More Covid Gloom After Xi Speech

Market watchers were looking especially for indications of support for the nation’s troubled property industry and the technology sector

(Bloomberg) — Chinese President Xi Jinping’s two-hour address to the Communist Party congress Sunday left traders parsing the nuance of each phrase of his comments ranging from Taiwan to semiconductors, pollution, housing and the coronavirus.

Those expecting a shift away from the restrictive pandemic control policy that has weighed on the economy were disappointed, but there were strong comments in specific areas such as technology, the environment and national security that could indicate support in some market sectors. Overall, Xi did little to lift the gloom that has clouded China’s markets.