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Chinese President Xi Jinping is widely expected to further consolidate his power at a twice-a-decade congress this fall. He is pictured here on July 1, 2022, at a swearing-in ceremony for Hong Kong's chief executive John Lee. Bloomberg | Bloomberg | Getty Images BEIJING — China's leaders are set to convene in Beijing on Oct. 16 for a major political meeting that's expected to consolidate President Xi Jinping's power and signal forthcoming economic policy. This year's gathering takes on additional significance as it's become a widely watched marker for when China may begin to ease its stringent zero-Covid policy. The Communist Party of China's top leaders are expected to propose that the party hold its 20th National Congress on Oct. 16 in Beijing, state media announced Tuesday. It's "the most important political event of the decade in China," Citi analysts wrote in a note last week. "The Congress is set to launch a new political eco...

As President Joe Biden announces his plan to forgive student debt, economists have already begun debating whether the action could compound the surging inflation that continues to bedevil the U.S. economy. Among the most prominent voices warning that the forgiveness would lead to increased inflation has been Larry Summers, former treasury secretary and Harvard University president emeritus, who voiced his opinion in a series of tweets Monday. "I hope the Administration does not contribute to inflation macro economically by offering unreasonably generous student loan relief," he wrote. He said the debt relief would translate into increased spending, which would in turn increase overall demand and, thus, inflation. The Committee for a Responsible Federal Budget, a nonpartisan, nonprofit organization focused on fiscal policy issues, echoed the concerns, writing on Aug. 16 that $10,000 of debt cancellation would add 0.15% to one common measure of inflation, the Personal Consumpt...