Photo: China Photos/Getty Images
The 18th National Congress, which marks the leadership transition in China, has been set for November 8, according to Chinese state news agency Xinhua.From Xinhua:
The congress is a very important meeting to be held at a critical time when China is building a moderately prosperous society in an all-round way, and deepening reform and opening up and accelerating the transformation of economic development pattern in difficult areas, the meeting said.
The congress will hold high the banner of socialism with Chinese characteristics, be guided with the Deng Xiaoping Theory and the important thoughts of “Three Represents,” and thoroughly carry out the Scientific Outlook on Development, according to the meeting.
…A new CPC Central Committee and a new Central Commission for Discipline Inspection will be elected at the congress, according to the meeting.
Many had expected the Congress to take place mid-October and had attributed the delay to political infighting. But Xinhua said that preparations were moving along smoothly.
Bank of America’s Ting Lu wrote that the last leadership transition Congress i.e. the 16th congress meeting also took place on November 8.
Ting has previously said that not much should be expected immediately after the handover of power. But he does write that this news is a positive for markets and the Chinese economy for two key reasons:
1. “It will significantly reduce perceived political and economic risks.”
2. “It will help end policy paralysis.”
Meanwhile, China also expelled former Chongqing party chief Bo Xilai from the Communist Party
Click here for more on how China’s leadership transition works.
And here is a profile of China’s president in waiting Xi Jinping.
Business Insider Emails & Alerts
Site highlights each day to your inbox.