Eternal Xi Jinping and dangerous statistics

Eternal Xi Jinping and dangerous statistics The release of data on the state of the Chinese economy was originally scheduled for October 18 but was delayed due to the Chinese Communist Party Congress. After the release of official statistics, the Chinese market collapsed.Xi Jinping has been elected China's indefinite leader. Investors are confident that Beijing now has an unlimited opportunity to pursue policies that will not be in line with the interests of the market.In the third quarter, China's GDP grew by 3.9% year-over-year. Still, a more sustainable economic recovery in the long term is hampered by ongoing restrictions due to outbreaks of COVID-19, a downturn in the real estate market and risks of a global recession. The government's plans to continue its zero-tolerance policy for COVID-19 are adding to investor concerns.Shares of Chinese companies in Hong Kong fell to a 13-year low, and the yuan fell to its weakest level in 15 years. Alibaba (NYSE: BABA), Tencent (HK:0700) and Meituan (HK:3690) have been hard hit as investors don't believe Xi and his supporters can revive China's private enterprise sector.Biden signed an executive order banning the use of chips made outside the United States. The restriction applies not only to companies from the United States but also to any other companies using American technologies. According to some analysts, US executives and engineers working in China in the semiconductor industry resigned en masse from Friday to Saturday, which practically paralyzes production.Analysts regard Biden's decision as ill-conceived: this rebound hits American companies as well. It can already be said that the negative will affect Xiaomi, Baidu, Hua Hong, Li Auto, NIO, Lenovo and others.At such moments, you need to be extremely vigilant and throw out of your investment portfolio everything that may turn out to be critically unprofitable tomorrow.Profits to yall!