Thread by @C_Barraud

🇨🇳 #NPC Meeting Debrief (1) | The 5.5% GDP target (upper range of expectations) signals an intent to limit downward pressures from the #property slump, zero-#Covid strategy and #Ukraine war (affecting foreign demand).
*Note: China 2021 GDP growth was 8.1%

https://twitter.com/C_Barraud/status/1499697473828311040

🇨🇳 #NPC Meeting Debrief (2) | The fact that officials opted for the upper range of expectations looks very encouraging.
*There is a significant risk of missing this goal the year of Xi re-election.

🇨🇳 #NPC Meeting Debrief (3) | The fiscal support could be much stronger than indicated by the headlines as the government will use unused resources from last year (above-budget income as well as below-budget spending)
*Link: bit.ly/3sHrZZL

🇨🇳 #NPC Meeting Debrief (4) | The statements on the monetary front also suggest the #PBoC will be more accommodative soon (in line with the latest quarterly report).
*Global Times link: bit.ly/35qfiKl

🇨🇳 #NPC Meeting Debrief (5) | #China also plans to set up a financial stability fund and adopt measures to keep housing prices stable.
bloomberg.com/news/articles/…

🇨🇳 #NPC Meeting Debrief (6) | It also suggests that Chinese officials are not betting on a prolonged #Ukraine conflict (otherwise, they would have probably opted for a lower GDP target).

https://twitter.com/C_Barraud/status/1498904059721535488