China's NPC and CPPCC press conference: Chinese State Planner Head says sees stronger economic growth trend this year; PBoC Governor says there is still room for RRR cuts; Will maintain appropriate increase in money supply

ECONOMY

• Economy is likely to see a good start in Q1.
• Notes of risks and "hidden dangers in certain sectors".
• Customs statistics show that exports increased by about 10% in Jan-Feb.
• Economic recovery will be consolidated and strengthened; will step up macro economic policy adjustments this year
• Making progress in addressing further risk

POLICY

• Have to tools to support growth of Chinese economy.
• Will take targeted and systemic steps.
• Will strengthen coordination between fiscal, monetary, and industrial policies.
• MOF will study and implement structural tax reduction and fee reduction policies.
• PBoC still has sufficient room for monetary policy.
• PBoC governor says there is still room for cutting RRR.
• Will maintain appropriate increase in money supply.
• Monetary policy will promote mild rebound in consumer prices.
• Will keep Yuan basically stable.
• Will step up relending facility for tech innovation.
• Will further enhance the effectiveness of monetary policy.
• Will promote mild rebound in consumer prices.
• PBoC will help consolidate and strengthen economic recovery.

BONDS

• A large chunk of Treasury bonds issued last year will be used this year.
• Issuance of ultra-long special treasury bonds in years to come is a major policy aimed at boosting investment, consumption, and support long-term high quality development.
• It will be used for key technology innovation, urban-rural development, regional coordinated development, food security, and high-quality population development.

INVESTMENTS

• Will encourage private firms to participate in major national projects.
• Will support expansion of private investment.
• Will further boost return on investments.
• Wil improve the investment environment.

2024 FISCAL POLICY

• Will intensify counter and cross cyclical adjustments.
• Proactive fiscal policy is of great importance.
• Government spending will be intensified.

STOCK MARKET

• Recent stock market volatility exposed deep-seated problems.
• Will take steps to rectify market risks earlier.
• Will crack down heavily on market manipulation.

FOREIGN TRADE

• China faces severe foreign trade situation this year.
• Geopolitical tensions will affect China's foreign trade this year.
• Will support high quality firms to list shares overseas.