China Economic Agency Plans Briefing As Investors Eye Stimulus
The briefing is scheduled for Tuesday and it will include five senior officials from the National Development and Reform Commission.
China’s top economic planner will hold a press briefing on Tuesday to discuss a package of policies aimed at boosting economic growth, as investors look for more stimulus measures from President Xi Jinping’s government.
The briefing, which is scheduled to start at 10 a.m., will include five senior officials from the National Development and Reform Commission, including Chairman Zheng Shanjie, according to a notice from the government on Sunday.
Economists and traders are closely watching for additional policy measures after China’s top leaders signalled a desire to draw a line under the nation’s growth slowdown. Just before a weeklong holiday in China, the government unleashed a slew of stimulus measures, including interest rate cuts, more liquidity to promote bank lending and a pledge of as much as $340 billion to support the stock market.
Chinese shares have soared since late-September as the policy support reinvigorated investor confidence, with the Hang Seng China Enterprises Index gaining more than 30% in the past month. But concerns are growing over whether the rally can be sustained given China has seen several false dawns before, including a rally in February that completely unwound.
While the NDRC notice didn’t provide details on the briefing, expectations are rising among analysts for Beijing to expand public spending as part of its stimulus package. A prominent Chinese economist recently said that the country has room to ramp up fiscal support by issuing as much as 10 trillion yuan ($1.4 trillion) in special debt.
