Standing Committee on “optimizing Covid-19 response”; Biden-Xi to meet Monday; Weak loan data

Summary of today’s top items:

1. Standing Committee discusses “optimizing Covid-19 response” - The Standing Committee reiterated the need to "unswervingly implement the general policy of dynamic zero-Covid 坚定不移贯彻“动态清零”总方针" while at the same time "effectively coordinate epidemic prevention and control with economic and social development in line with the requirements of preventing the epidemic, stabilizing the economy and ensuring safe development". In short, no material changes to the overall policy of dynamic zero-Covid, but there will be more tweaking, and more efforts to increase vaccination rates, on the road to eventual reopening. The readout also said that the meeting discussed and arranged "20 measures to further optimize epidemic prevention and control work". Those measures have not yet been released, there is talk we will learn them this weekend. Based on the language in the readout I would not be surprised if we have larger-scale lockdowns in Guangzhou and/or Chongqing imminentl…