As US elects its new president, China’s top legislature will meet for potential fiscal measures
China’s top legislature meeting provides a window for potential fiscal stimulus announcement; current agenda includes discussion of financial work and review of law revisions
China will convene a highly anticipated legislature meeting - expected to serve as a window into fiscal stimulus plans - early next month as top authorities take the outcome of the 2024 US presidential election into account amid their economic-revival efforts.
The November 4-8 meeting of the NPC Standing Committee will take place later than had been expected. The national legislature often meets in the second half of October to discuss a wide range of issues facing the world’s second-largest economy.
The dates were announced at a Friday meeting chaired by Zhao Leji, chairman of the Standing Committee of the National People’s Congress.
Its agenda includes a discussion on the country’s financial work, state asset management and a review of some law revisions. The market has been expecting a change to the bond-issuance quota or deficit ratio at the legislative meeting. However, no bills related to the financial ministry nor budget plans have been mentioned in the official statement.
Analysts say Chinese policymakers may be planning to mitigate any potential impact of geopolitical surprises.
Lawmakers are likely to come together with the market eagerly awaiting new information about the latest developments in China’s economic stimulus plans, and the meeting could serve as an opportunity for a fresh announcement.
