NPC Standing Committee to Convene Early Next Month... Will Additional Economic Stimulus Measures Emerge?

The National People's Congress (NPC), which holds the approval authority for the Chinese central government's economic stimulus policies, will hold a Standing Committee meeting in early next month.

Chinese President Xi Jinping is clapping at the 5th plenary session of the 14th National People's Congress (NPC) held at the Great Hall of the People in Beijing on March 12 last year.
[Image source=Yonhap News]

According to the state-run Xinhua News Agency on the 25th, the 14th NPC held its 32nd Chairman's Meeting on the morning of the same day at the Great Hall of the People in Beijing and decided to hold the 12th Standing Committee meeting from the 4th to the 8th of next month.

The agenda for the 12th meeting includes the "Report on the Financial Work of the State Council (Central Government)," the "Draft Preschool Education Law," the "Draft Amendment to the Cultural Relics Protection Law," the "Draft Amendment to the Mineral Resources Law," the "Draft Energy Law," and the "Draft Amendment to the Anti-Money Laundering Law." Also under review are the "Comprehensive Report on the Management of State-Owned Assets in 2023," the "Comprehensive Report on the Management of State-Owned Assets in Administrative Enterprises in 2023," and the "Report on the Construction of World-Class Universities and Excellent Disciplines with Chinese Characteristics."

The Chinese economy maintained growth with 4.9% in Q3 last year, 5.2% in Q4, and 5.3% in Q1 this year, but slowed down to 4.7% in Q2 and 4.6% in Q3.

The Central Political Bureau of the Chinese Communist Party, chaired by General Secretary (President) Xi Jinping, held an unprecedented "September Economic Meeting" on the 26th of last month and announced economic stimulus measures including a 0.5 percentage point cut in the reserve requirement ratio (RRR), the supply of 1 trillion yuan (approximately 190 trillion won) in long-term liquidity, cuts in policy interest rates and real estate loan interest rates, and the injection of funds to stabilize the stock market. The Ministry of Finance and others also announced plans to issue government bonds, but criticism arose that the "substance" was lacking as specific schedules and scales of fiscal policies were not disclosed.