10 mins impromptu interview on huge Chinese market selloff. Foreign investors bailing out, as ADR audit not smooth, econ still slowing & pressure on #CNY .

There’s a reshuffling of investors going on. People selling on emotions not fundamentals. bloomberg.com/news/videos/20…

Hang Seng plunged 5%. But foreigners’ favorites i.e. Moutai are down just as much since Sept, & even more today.

See the pattern here?

This is the time to ask whether prices are cheap enough, not cheapest. And even if it’s cheap enough, no one told you to go all in.

Hang Seng melting down - plunging 700pts. Onshore CSI300 more resilient but still down 2%. It’s relentless emotional selling all over the market.

给艺考生们说一下目前就业趋势：

表演--密室剧本/NPC；
播音--带货主播；
声乐--教小孩儿；
器乐--教小孩儿；
舞蹈--教小孩儿；
编导--给上面五个拍抖音。

楊子江浸月，霜降風沁簾。
楓染秋花瑟，雁去殘鴉飛。
俠行乾坤盡，劍平百沙場。
揚鞭赤兔馬，金甲爛銀槍。

乱写的。

“Complete Rejuvenation of the Chinese Nation”, “Socialist Market Economy”, “Common Prosperity” & “Dual Circulation” are formally written into the revised CCP Party Constitution.

The new Central Committee list is out. There’s almost no suspense now who’s in the Standing Committee. Tomorrow Sunday, the 20th Congress will conclude.

It shows how far-off the guessing game has been — from COVID-0 to names. Nonetheless, China sets sail for the next decades.

The 20th Congress raised a new term “to regulate the mechanism of wealth accumulation”.

Today, a labor researcher said “wealth income growth can’t be multiple times of labor income growth .. excess wealth should be taxed/regulated”.

Chinese market freaked out. Moutai tanked.

HK Chief John Lee to refund property stamp duty if buyer stays in HK for 7yr; relax visa for people makes HKD 2.5m & top 100 uni grads; set up HKD 30bn fund for attracting cos to come to HK.

But the Hang Seng not impressed, down 1% to the level in 1997 when HK returned.

Indeed, more & more data series have been suspended in the past 2yrs. And in general, I distrust official data till verified.

Losing data credibility’s a big deal. It makes it hard to anchor expectation & hard to “manage sentiment”, increasing the costs of market intervention.

Ex-Premier Wen Jiabao: the progress of human society is via debates among diff. schools of thoughts … For China to have a truly bright future, we must promote independent & critical thinking… & create a free academic environment for people to seek the truth & meaning of life.

Chinese market sentiment improving at the margin from depression, against the backdrop of better credit data.

It’s time to cut down short bets. The market should consolidate & even stumble higher. At Bloomberg China Market Open with ⁦Yvonne Man⁩ bloomberg.com/news/videos/20…

China delayed GDP & data release. It’s funny how pundits see this as “giving the Congress undivided attention”.

But this isn’t the 1st time China had the Congress. And last Wed money data were actually released AHEAD of schedule.

Unfazed by the “bad news”, market rebounding.

The Shanghai Composite lost > 5% over the past month, its worst pre-Congress showing EVER.

“House is for living in 房住不炒” was skipped but in the speech draft. It doesn’t mean it’s abandoned as some think, but that it has become norm & routine.

2022-10-17: Confidence of various market participants is neutral to contrarianly positive, against a backdrop of better monetary environment. Chinese market’ll likely consolidate and even stumble higher. The US will continue to be a source of volatility. growinvestment.group/2022/10/17/hao…