Xi warns of 'dangerous storms ahead'

<p>Kia ora,</p><p>Welcome to Monday’s Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.</p><p>I'm David Chaston and this is the International edition from Interest.co.nz.</p><p>Today we lead with news first from China.</p><p>In a 105-minute speech overnight, (<a href="https://english.news.cn/20221016/262949d82f6648b281c9afc1a5c3ec59/c.html" target="_blank"><strong>here</strong></a> and <a href="https://www.nytimes.com/2022/10/16/world/asia/china-congress-xi-jinping.html" target="_blank"><strong>here</strong></a>) Chinese President Xi highlighted the challenges and risks faced by his country and warned party members to brace for “dangerous storms” ahead. But by rallying around him, he promised they would be able to ride out those storms and guide the country to “incomparable glory”. He set a 27 year goal for China to dominate all aspects of global activity.</p><p>Away from political fantasy and more immediately, <a href="http://www.stats.gov.cn/tjsj/zxfb/202210/t20221014_1889257.html" target="_blank"><strong>Chinese inflation data</strong></a> for September was released late on Friday. This was as expected at 2.8% and a small rise. The Chinese also reported that <a href="http://www.stats.gov.cn/tjsj/zxfb/202210/t20221014_1889257.html" target="_blank"><strong>producer prices rose at only +0.9%</strong></a> in September from a year ago, a very low rate and mirroring the struggles the Chinese economy currently faces.</p><p>We were expecting China to release its September export and trade results, but it seems they have been delayed a day so as not to clash with the Party Congress's opening speech..</p><p>The central bank of Singapore <a href="https://www.mas.gov.sg/news/monetary-policy-statements/2022/mas-monetary-policy-statement-14oct22" target="_blank"><strong>tightened its monetary policy on Friday</strong></a>, the fifth time it has done so since October last year.</p><p>Across the Pacific, <a href="https://www.census.gov/retail/marts/www/marts_current.pdf" target="_b