Logo 25 Oct 2024

Top legislators set a date

Mark your calendars: The legislature (NPCSC) will meet from November 4-8.

  • On Friday, the NPCSC held its chairpersons' meeting, setting the date and agenda for the highly anticipated meeting.

The four-day session has a packed agenda, including (Xinhua):

  • Deliberation of at least 10 legislative items
  • Review of nine reports from various government bodies

Notably absent from the meeting readout: Any mention of additional bond issuance or fiscal stimulus.

Does this mean fiscal stimulus is off the table?

  • No.

Despite not featuring on the meeting readout, we are all but certain fiscal stimulus is on the agenda.

  • The NPCSC often keeps fiscal-related agenda items – like mid-year budget revisions or bond issuance – under wraps until the last minute.
  • For example, in October 2023, the legislature approved an additional RMB 1 trillion bond issuance without prior notice.

Get smart: Businesses and investors are desperate for a big-bang fiscal stimulus that reinvigorates consumer confidence and equity markets.

  • If Beijing fails to deliver, confidence will be dealt a severe blow.

What to watch: If the NPCSC does pass a stimulus package, it won't announce it until the final day of the meeting, on November 8.

sources

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Mark your calendars: The legislature (NPCSC) will meet from November 4-8.

On Friday, the NPCSC held its chairpersons' meeting, setting the date and agenda for the highly anticipated meeting.

The four-day session has a packed agenda, including (Xinhua):

Deliberation of at least 10 legislative item...