Bloomberg:
- Xi Skips Old Growth Pledge as China Seeks Quality, Not Quantity. (video) Chinese President Xi Jinping has quietly dropped a commitment made by his predecessor to double the size of his nation’s economy. In 2012, former President Hu Jintao pledged China will "double its 2010 gross domestic product and per capita income for both urban and rural residents" by 2020, which dictated a roughly 6.5 percent annual growth pace through that decade. Today, instead of re-iterating that goal, Xi has replaced it with a much vaguer commitment that China will stick to previous requirements, which included building a "moderately prosperous society" by 2020.
- Hours After Xi’s Speech, It Looks Like China Is Buying Stocks. (video) The Shanghai Composite Index ended 0.3 percent higher, despite almost three stocks falling for each that rose. The gauge reached its session high in the final five minutes of trading as the two largest-weighted members -- Industrial & Commercial Bank of China Ltd. and PetroChina Co. -- extended gains to more than 2 percent. Late-afternoon buying in large-cap companies during events of national importance has been a hallmark of suspected government intervention in recent years.
- No. 3 GOP Senator Joins Those Opening Door to Tax Revamp in 2018. (video) Senator John Thune, the third-ranking Republican and a member of the tax-writing Finance Committee, said complicated rules and procedures in his chamber could delay a tax bill until 2018. “The Senate is a very unpredictable place,” Thune said Wednesday during a Bloomberg TV interview. “One thing I can tell you is whether it gets done at the end of the year or sometime into next year, it will be done in this congressional cycle.”
Wall Street Journal:
- Trump Signals Opposition to Bipartisan Health-Care Deal. President’s tweet comes after he called Sen. Alexander to voice encouragement.
- Machines Took Over the Stock Market. Next Up, Bonds. Banks unleash new trading software systems in effort to pick up share of $6 trillion corporate-debt market.
- China’s Xi Feeds Expectations for a Lengthy Reign. In opening speech at twice-a-decade party congress, 64-year-old president sets fresh goal for 2035.
- Most U.S. States Aren’t Prepared For the Next Recession. Just 16 states have adequate backup money on hand, according to a new Moody’s Analytics analysis.
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