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Zhang Youxia’s Vietnam trip, recent Politburo meeting are not signs that Xi is ‘losing power’; China’s latest economic data and PBoC operations hint at rising financial risks

China’s continued fiscal weakness in the first nine months of the year and the plunge in industrial profits partially affirm our assessment that the Chinese economy is going to worsen in the second half of 2024 and the CCP authorities will struggle to convincingly hit its annual growth target.

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