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    • Will China’s top legislature give the green light to the fiscal stimulus package?
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    Will China’s top legislature give the green light to the fiscal stimulus package?

    Sakege Posted on

    The Standing Committee of the National People’s Congress (NPC), China’s highest legislative body, meet in Beijing on Monday to discuss a wide range of topics. Among them is likely to be a large fiscal stimulus, recommended by several prominent economists and highly anticipated by investors.
    While the markets speculate on the potential size of a fiscal package – with estimates ranging from 2 trillion yuan (US$280.66 billion) to 10 trillion yuan – we’ve compiled some basic data about the upcoming session, how they would pass such a stimulus, and when the public is likely to find out about it. .

    How are legislature and stimulus related?

    China’s Ministry of Finance, under the State Council (the country’s cabinet), normally submits the fiscal budget to the NPC for approval during the annual legislative session in Marcha necessary step before implementation.

    The NPC Standing Committee, which exercises legislative authority outside the plenary session, is empowered to approve any adjustments to government budgets within the financial year, including changes to the annual fiscal deficit index, the quota of special treasury bonds and the maximum limit for local governments. debt levels.

    It traditionally meets every two months, often at the end of even-numbered months. There have been exceptions to this informal custom; The next conclave will be held in November, and a previous meeting this year was held in mid-September.

    The agenda for the November meeting did not include bills related to the Ministry of Finance or budget plans. However, this does not mean that it cannot happen: on several occasions subsequent budget adjustments have been announced.

    03:49

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