On October 18, the Chinese Communist Party opened the 19th Party Congress, which is held every five years and marked the mid-way point of President Xi Jinping’s tenure.
President Xi shored up his power, but inconsistent with what most China followers expected that President Xi would force an effort to extend his Presidency beyond the prescripted ten years, he quietly chose Chen Min’er, Secretary of the Chongqing Communist Party, as his successor. The Party reaffirmed its commitment to sustainable development and cleaning up the environment, announcing it will prevent closed or illegal steel plants from resuming production and more production cuts are expected during the winter. Otherwise, little information has yet been released on the government’s next five year plan, which is expected to prioritize the environment, and what it could mean for scrap trade. The meeting concluded this week, and we will share information as it becomes available. Please contact Adina Renee Adler with any questions.