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Notes -
Western PRC watchers and analysts in general didn't expect Xi to full sweep the standing comittee with loyalists, instead of allowing some (rival/CYL) reformists to stick around. They're now pricing in Xi/PRC going more autarkic than with a few reformers on board that sectors that had been targeted (big tech) will continue to be targeted), that zero-covid will stick around. Western MSM coverage of HK/SH crashing and foreign outflows overlooks that domestic strategic industries like defense increased. I think AVIC hit 10% daily limit. Just like how wages and employment in PRC hard tech and strategic sectors increased while soft / consumer tech tanked. The TLDR is Xi is going to keep boosting strategic indigenous industries, even if it means slapping others to free up talent and resources. Where "others" is frequently what's in western portfoliios.
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