Well, bugger all has happened as I thought.
Xi is obviously going to continue to front the Party and, according to his speech (happening as I write), Zero Covid is still the official policy – and never mind the economy.
What is going on in China? Maybe we never will know. My best guess now is that Xi won the power play. My second guess is that this is not the end of the matter – especially if the economy continues to deteriorate.
Time will tell.