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China’s top legislative body, the National People’s Congress Standing Committee, is set to conclude a week-long session days after Donald Trump was confirmed as the next president of the United States. A press conference is being held shortly after the proceedings.
Before the session, expectations for a large fiscal stimulus plan were high, as changes to the national budget or the fiscal deficit ratio require approval from the legislature. But as is typical, news out of the committee has been sparse as its members meet – though it was revealed a bill allowing debt swaps for local governments was under review on Monday, the session’s opening day.
The hotly anticipated stimulus, which would be deployed to help the country reach its target of “around 5 per cent” for gross domestic product growth, may not be as broad or as immediate as initially presumed. After two quarters of weakness, the world’s second-largest economy has shown signs of a rebound, with the official purchasing managers’ index returning to expansionary territory in October.
More from our coverage:
– China to unveil fiscal stimulus plans on Friday, may hold fire until early 2025: analysts
– In stimulus signal, China’s top legislature mulls debt swap plan on first day
– As China’s top lawmakers gather, what’s in store for the economy?
– Will China’s top legislature give the green light to fiscal stimulus package?
– Investors await China’s NPC meeting for catalysts to sustain US$4 trillion stock rally
– Chinese economists push reform as stimulus takes hold, but Trump win creates uncertainty