President Hu Jintao is expected to preach the familiar refrain of even and sustained economic growth, with significant changes to the basic economic policy unlikely.

Mr Hu may be distracted by third-quarter GDP data, as well as some other numbers tracking September activity due out this week. The figures are widely expected to show continued problems with inflation. Speculation that inflation woes will prompt another hike in interest rates hurt equity prices on Friday.

However, the congress could produce a shake-up in the ranks of those that run state business, with central bank governor Zhou Xiaochuan rumoured to be on his way out. Shang Fulin, the chairman of the China Securities Regulatory Commission, and Guo Shuqing, chairman of China Construction Bank Corp, are rumoured to be candidates for the job.

Economic signals from the United States are more likely to play a role in the market's direction, with investors getting exceedingly nervous that the recent gains are too good to be true. Federal Reserve chairman Ben Bernanke will be giving a speech in New York later today and he may add to bullish comments from central bankers last week which helped boost markets around the world. Wednesday could bring further indications on the health of the US economy as it recovers from the credit crisis.

The Federal Reserve will be releasing its periodical Beige Book survey on economic conditions.

PetroChina reports output

PetroChina, Asia's top gas and oil producer, will be reporting its third-quarter output today. The company is expected to show strong figures, and with oil at near US$83 a barrel this report could give their shares a boost. Oil prices are not likely to back off their highs anytime soon with the US dollar remaining weak and American consumers worried over whether they will have enough oil to keep their homes warm this winter.

However, a recent report by the International Energy Agency said high prices had started to crimp demand, and they're likely to play a role in corporate earnings as well.

Two new shares to trade

If you're looking for new share issues to take a gamble on, you have two choices this week. International Elite, a Hong Kong call centre operator, will make its debut on the Growth Enterprise Market tomorrow after raising some HK$300 million. This is the first listing of the year for the secondary board. Another GEM hopeful, mainland online game company Net Dragon, will tomorrow start its international road show, offering investors about HK$800 million worth of shares.

Shares of Citic Pacific spin-off Dah Chong Hong Holdings will start trading on Wednesday after the company raised US$589 million through its initial public offering.

The shares are priced at the top of the indicated range which hints at a strong open, although Citic's last spin-off, Citic 1616, proved to be a bit of a dog on the longer run.

Sites go under the hammer

If a few equity shares are not enough to satisfy your shopping appetite, you might consider a small plot of land. The government is putting two sites under the hammer today, with a 178,542 square foot site in Lantau predicted to fetch HK$260 million and a 648,525 sq ft site in Aberdeen expected to sell for HK$3.4 billion to HK$4 billion.