Friday’s Politburo meeting set the tone for the Central Economic Work Conference (The CEWC), and that tone appears to be consistent with what we have been hearing all year, that the leadership is OK with slowing growth, that while there are plenty of risks and challenges they are up to the task, and that there will be no large-scale stimulus. The CEWC should convene within the next ten days, so we should have a tad more clarity soon.

And in case there are any doubts about achieving certain goals, the meeting readout was clear:

"The year 2020 will be the year to finish building a moderately prosperous society in all respects, and it is also the final year for the 13th Five-Year Plan. China shall achieve its first centenary goal”.

We are starting to see what the modernization of governance that was the theme of the Fourth Plenum is going to look like for the Politics and Law system. Based on recent comments the Mao-era “Fengqiao Experience”, repackaged for the Xi Era as part of the “corre…