Politburo meeting and study session; Signals for Third Plenum; Middle East leaders in Beijing
Summary of today’s Essential Eight:
May Politburo meeting - The May Politburo meeting follows on the symposium Xi held on his Hunan inspection tour about the central region and reviewed "Several Policy Measures to Accelerate the Rise of the Central Region in the New Era. It also reviewed "Regulations on Accountability for Preventing and Resolving Financial Risks (Trial)." Premier Li was in Seoul so did not attend. As the readout suggests, I think we are going to see an even harsher crackdown on local governments and the financial sector as policymakers continue to both grind through the massive debt problems and need to make examples to deter future bad behavior. I still think someone relatively senior has to be blamed for the stock market mess earlier this year, as former CSRC deputy chairman Yao Gang was for the 2015 crash.
Politburo study session on employment - Calls to “improve both the quality and quantity of jobs through specific pro-employment policies” but nothing specific, as …