Thanks for joining us. Here are the key takeaways from day one National People's Congressincluding Prime Minister Li Qiang First Work report to set China's policy stance for 2024:
- There was surprising The main goals hardly change from 2023, and even its new special bonds worth 1 trillion yuan have already been reported. This is surprising since many targets for 2023 (apart from GDP) have not been achieved. China said 2024GDP is expected to grow by around 5%, with a CPI of around 3%. The Deficit target is 3% of GDP, while the unemployment rate should be around 5.5% as China seeks to create over 12 million new urban jobs
- Li acknowledged the challenges facing the world's second-largest economy. “It is It is not easy for us to achieve these goals” he told thousands of delegates in the Great Hall of the People. “We need political support and joint efforts from all fronts”
- The Technical innovations and the modernization of industry remain the top priority, with the report mentioning specific industries including new energy cars, hydrogen power, new materials, innovative medicines and commercial aviation. It noted overcapacity and said: “We will strengthen coordination, planning and investment advice.”
- Xis The mantra that “housing is for living, not for speculating” has been omitted from the report for the first time since 2019, as leaders seek to stabilize a housing market that once accounted for about a quarter of GDP
- Chinese stocks in Hong Kong fell as investors ignored the government's growth target. The Hang Seng China Enterprises Index even slipped by 2.6%. On the mainland, the benchmark CSI 300 previously fluctuated between gains and losses traded slightly higher until the break. Chinese bond yields were broadly lower, while the offshore yuan remained in its recent ranges
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