The policy agenda laid out at the National People’s Congress today is a reasonably pro-growth one. The new fiscal plans are supportive, monetary policy continues to have an easing bias, and the Premier reiterated recent welcome messages about channelling more funding to developers and taking a more constructive approach to the private sector. Taken together, this should deliver some near-term improvements in economic conditions and sentiment. But with stimulus being kept modest and base effects turning less favourable, the government’s target of “around 5.0%” still looks like a stretch to us.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to gain:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services