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The long-awaited National People’s Congress of China ended with President Xi securing an unprecedented third term. Market watchers were looking for signs of a turn from the Covid-zero policy, only to be disappointed. Xi has surrounded himself with allies, effectively stamping out dissent within his Standing Committee. The theme of national security took priority over economic development. China remains gripped with Covid lockdowns hindering economic recovery. We are continuing to monitor the risks of Covid policy and other geopolitical considerations.
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