Xi at BRICS; Enhancing the consistency of macroeconomic policy orientation; No date for NPC SC meeting; Hu Wei "retired"

There is still no announced date for the NPC Standing Committee meeting that is expected to approve and announce a large, additional fiscal stimulus package. It is possible they do not adhere to the seven day advance notice norm, it is possible that now we have to wait until November, and it is also possible that the October Politburo meeting will occur before the NPC SC meeting, and we get more stimulative signals then. But those are all just guesses; the lack of transparency and communication are frustrating.

Summary of today’s Essential Eight:

1. Xi at BRICS - In his speech to the BRICS summit Xi described the world facing a choice between disorder and chaos or peace and development, saying "As the world enters a new period defined by turbulence and transformation, we are confronted with pivotal choices that will shape our future. Should we allow the world to descend into the abyss of disorder and chaos, or should we strive to steer it back on the path of peace and development? This…