Regulating wealth accumulation; Data opacity; Covid; Manchester
We are in the Party Congress propaganda black hole, so there is little of note today on the Congress front.
Summary of today’s Essential Eight:
Regulating wealth accumulation - Section IX of the Congress report - "Improving the People's Wellbeing and Raising Quality of Life" - includes new language about regulating wealth accumulation "keep income distribution and the means of accumulating wealth well-regulated. 规范收入分配秩序,规范财富积". An article in The Beijing News that quotes a labor researcher discussing this language and saying that "a few people accumulated wealth too quickly...This problem remains to be solved" appears to have caused some investor anxiety Wednesday.
Delaying and restricting data will not improve investor confidence - The Wall Street Journal has a good article on how much harder PRC authorities have made it to figure out what is going on in the country. Opacity is increasing everywhere, which will lead to some distorted decisions, information asymmetries that some insider…