DeepDive: Politburo Update July 2023

On Monday, the Politburo came together for its second economic session this year. As part of our regular updates on Politburo gatherings, we compare the meeting to previous ones to identify potential macro policy shifts. While we see the readout as a positive overall, we believe that caution is still warranted. We also note a significant increase in focus on risk and uncertainty compared with previous meetings.