Hong Kong Economic Daily and Dongmang reported on the 25th that China’s National People’s Congress (National People’s Congress) is expected to hold a standing committee meeting early next month and approve fiscal policies aimed at boosting the economy.
According to the media, the National People’s Congress convened the 12th Chairman’s Meeting at the Great Hall of the People in Beijing this morning and decided to hold the 12th Meeting of the 14th National People’s Congress Standing Committee from November 4 to 8, presided over by Chairman Zhao Leji.
The state-run Xinhua News Agency reported that the National People’s Congress Standing Committee, which meets once every two months, will present reports on the state of financial operations (business) of the State Council, draft of the Pre-school Education Act, draft of the Cultural Relics Protection Act, draft of the Mineral Resources Act Amendment, draft of the Energy Act, draft of the Anti-Money Laundering Act, and various other documents. It was reported that the Standing Committee of the People’s Congress plans to deliberate and decide on the draft amendment to the Supervision Act, the draft amendment to the Arbitration Act, the draft law on the dissemination of science and technology, and the draft amendment to the maritime law.
Next month, the Standing Committee will also deliberate on the ‘Comprehensive report on the management status of state-owned assets in 2023’, ‘Special report on the management status of state-owned assets in administrative projects in 2023’, and ‘Report on the status of world-class universities and excellent departments with Chinese characteristics’.
The announced agenda for the 12th Standing Committee meeting did not specifically mention plans related to fiscal policy.
However, as the media later revealed after deciding to increase the ratio of fiscal deficit to gross domestic product (GDP), which is an important agenda item in mid-2023, there is a possibility that the Standing Committee will privately review and approve various economic support measures proposed by the Chinese government at the 12th meeting. observed to be large.
An economist specializing in the Chinese economy also predicted that the National People’s Congress is highly likely to adopt various fiscal stimulus measures as the approval of the National People’s Congress is urgent to provide the necessary financial support to achieve this year’s economic target of around 5% economic growth.
The Standing Committee approves and confirms bills, policies, and decisions that have passed regular deliberation by voting on them on the last day of the meeting.
The closing date is five to three days after the US presidential election, and the National People’s Congress Standing Committee is expected to adopt support measures and reports that take into account the impact on the US and announce the contents through state-run media.
[서울=뉴시스]
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