ANZ ON CHINA'S PARTY CONGRESS: "XI FOLLOWED...>

CHINA: ANZ ON CHINA'S PARTY CONGRESS: "XI FOLLOWED OUR SCRIPT"

* Coin his contribution to the Party's ideology. 

* Unveil his long term vision beyond 2020. 

* Reiterate his supply-side structural reform as the headline economic policy in

the near term. 

* Address structural issues, notably income inequality. Based on Xi's speech

this morning, we see: 

* Growth: The State Council is still likely to target a moderately high growth

number at the National People's Congress next March. To be an 'innovative

economy' like South Korea by 2035, China's gross domestic income per capita

needs to rise by an average of 6.6% in real USD terms or 4.5% in PPP terms, from

2017 onwards. To be a modernised economy by 2050, such as a high income country

by the World Bank's standard, the required average growth rates should be 4.9%

and 3.3% per year over the next 35 years, respectively.