Why markets are closely following Beijing’s response to the Evergrande crisis

The year of 2021 is symbolically important for Beijing as it celebrates the centennial anniversary of the foundation of its Communist Party of China (CCP). But amid a backdrop where global uncertainty persists, President Xi has echoed his ambition to promote social harmony, pursuing the nation’s “common prosperity” initiative, a party pledge from the days of Mao Zedong that strives to improve living standards and extends support for the CCP.