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Speaker 1: Yeah, let's have it look good, but to be going

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Speaker 1: on in China as well here and a little and

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Speaker 1: more detail because we got Chinese regulators ramping up efforts

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Speaker 1: to support the stock market, which saw a little reprieve

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Speaker 1: from Chinese President she Jing pink speech. It's a discuss

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Speaker 1: all this with Sofia hope that you costa Bloomberg Chief

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Speaker 1: China Markets correspondent, Sofia looking at all this, there wasn't

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Speaker 1: a lot for market bulls in China to get their

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Speaker 1: teeth into, yes, exactly, not not not nothing really to

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Speaker 1: be excited about over the speech. But um, there was

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Speaker 1: an expectations that she would announce any kind of market

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Speaker 1: friendly measures. You know, I've been writing about the the

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Speaker 1: very idea or the very hope on Wall Street that

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Speaker 1: we would get any signal of a COVID zero pivots

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Speaker 1: out of this Party Congress, and and I've been saying

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Speaker 1: that that hope was misplaced and very much so. I

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Speaker 1: mean that was kind of you know, this speech really

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Speaker 1: doubled down on the fact that it's a policy that

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Speaker 1: China will stick too. So any conversations beyond that, beyond

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Speaker 1: what will happen to Chinese markets, Um, really really have

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Speaker 1: to be based on what happens to COVID zero. Uh

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Speaker 1: so nothing really to for for traders to cling to.

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Speaker 1: Nothing nothing specific, nothing new, nothing different, And it was

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Speaker 1: really kind of damp squipt for markets. Yeah, you could

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Speaker 1: kind of tick through. There were a few positives like

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Speaker 1: pushing science and technology and and but there were plenty

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Speaker 1: of negatives too, So it seems like the main takeaway

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Speaker 1: was a slight negative for markets. But then we get

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Speaker 1: the Chinese regulators talking about companies being freed up to

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Speaker 1: buy back more shares and and easing some curbs on

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Speaker 1: overseas mutual funds in making purchases. Will that will that

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Speaker 1: suggest a little upward push? And there's always the national

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Speaker 1: team as well, yes, really putting a floor on markets,

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Speaker 1: And there was a little bit of a positive reaction

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Speaker 1: to that as well. It's not just corporate buybacks, which

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Speaker 1: we can be extremely effective. I mean, I'm sitting here

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Speaker 1: in New York and that's been used in US markets

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Speaker 1: as a tool to to support um prices. It's a small,

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Speaker 1: small amount, it looks like it will be a small amount,

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Speaker 1: and also still quite a lot of restrictions around that.

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Speaker 1: But at least thirteen mutual funds in China announced on

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Speaker 1: Monday that they will buy their own equity products, and

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Speaker 1: that will also shore up confidence in the market. You know,

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Speaker 1: if if mutual funds are buying their own equity products,

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Speaker 1: then retail investors should have the confidence to do so

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Speaker 1: as well. And also the sense that UM China on

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Speaker 1: the regulatory side will and this kind of feeds back

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Speaker 1: to the whole opening up narrative, will continue to reform

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Speaker 1: financial markets and will continue to allow for overseas investors

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Speaker 1: to play a bigger role. And that is really I

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Speaker 1: think the story for next year where does China stand

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Speaker 1: on that and does it still want overseas capital to

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Speaker 1: come into its more because because we've had such severe

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Speaker 1: outflows this year, and that would be what what that

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Speaker 1: would be? What would really put a floor on Chinese markets? Well, Sophia,

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Speaker 1: today we were expecting industry production GDP, most importantly retail sales,

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Speaker 1: jobless numbers, fixed, our asset investments, and all of this

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Speaker 1: has been delayed and no no reason given that. The

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Speaker 1: thing is that doesn't exactly investive friendly, is it. I

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Speaker 1: think this is a classic case of officials in China

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Speaker 1: not knowing how to communicate to financial markets, or maybe

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Speaker 1: not really seeing that as a priority. I mean, I

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Speaker 1: think the what really kind of spooked or confused analysts

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Speaker 1: and investors is the fact that this was done so

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Speaker 1: last minute. I mean, if had China said two weeks ago, um,

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Speaker 1: you know, we were not going to release this key

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Speaker 1: economic data because every single important person is gathered and

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Speaker 1: and and very distracted doing something else in Beijing called,

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Speaker 1: as we know, the party Congress, then that would that

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Speaker 1: would have made a lot of sense. I mean, I

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Speaker 1: remember commenting two weeks ago, you know, wise China releasing

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Speaker 1: the third quarter data in the middle of the party converse,

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Speaker 1: it makes no sense. But the fact that they decided

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Speaker 1: with no explanation to change or to delay, um, so

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Speaker 1: last minute, I think, really, um, you know the China

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Speaker 1: China needs to learn, I think, how to how to

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Speaker 1: kind of do that part better? Just communicates market, make

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Speaker 1: sure that things like this don't unnecessarily confuse people, because

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Speaker 1: that's what gets people nervous. There might have been a

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Speaker 1: little bit of a bounce in there of slightly more

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Speaker 1: than say three point three percent for GDP, and and

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Speaker 1: uh that that would be better than the prior quarter,

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Speaker 1: But in any case, much below the target. But let's

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Speaker 1: go back to like your first comment about how we

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Speaker 1: may see some short term support. It's almost like if

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Speaker 1: you see a dead cat bouncing in the US and

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Speaker 1: on Wall Street, whether you just want to go in

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Speaker 1: there and buy, knowing that further down the road there

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Speaker 1: may be some losses. Do you think we'll see some

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Speaker 1: aggressive buying of Chinese shares here in the shorter term?

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Speaker 1: I think the word um, the word to use their

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Speaker 1: aggressive is the key modifier. I mean, I wouldn't I

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Speaker 1: wouldn't be surprised to see some buying. Um. The prices

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Speaker 1: are are so depressed. I mean the c s I

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Speaker 1: three is this year after already a bad year the

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Speaker 1: previous year. Um. But but the key thing that the

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Speaker 1: overhangs in the market, they're all still there. And there's

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Speaker 1: no clear path forward on the property market on COVID

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Speaker 1: zero and no sign that any of that will change.

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Speaker 1: So until we get clarity on that front, UM, that

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Speaker 1: word aggressive won't won't happen. We could see some buying

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Speaker 1: and and really the important thing for four markets is

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Speaker 1: finding a floor right now. Yeah, and maybe they just

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Speaker 1: tell people don't sell into it, um, you know, so

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Speaker 1: it may not be that aggressive on the buying. But

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Speaker 1: if you don't have sellers to taking advantage of the

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Speaker 1: better prices, we could see some games. Okay, thanks very much, Sophia.

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Speaker 1: Always fun, always interesting, and always something to learn, Sophia

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Speaker 1: or to cost. Bloomberg, Chief China Markets correspondent. This is

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Speaker 1: Bloomberg