China Market Update: Health Care & Technology Rally, Expected “Two Sessions” Policy Support [Forbes]
CHINA MRCHNTS BK UNSP/ADR (CIHKY)
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Source: Forbes
Mainland China and Hong Kong had choppy sessions, bouncing around the room to post small gains on high volumes that were above their 1-year averages. Despite the high volumes, it was a quiet night in advance of the release of key economic goals and the implementation policies following China's “Two Sessions” meetings, comprised of the Chinese People's Political Consultative Conference (CPCC), which started today, and the National People's Congress (NPC), which will start tomorrow. Expectations are for a 2024 GDP target of 5%, a budget deficit of 3%, RMB 1 trillion in government bond issuance, continued emphasis on real estate prices and the sector as a whole, and supportive fiscal and monetary policy. Consumption policy support will be focused on autos and household appliances, based on recent government releases and their relative weakness compared to services and lower-value goods. Anything exceeding this will be a surprise to the upside. Premier Li will provide a readout of the g
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