Head of Research Suan Teck Kin, CFA, and Economist Ho Woei Chen, CFA, at UOB Group, evaluate the recent NPC event. Key Quotes “China’s National People’s Congress (NPC) resumes growth target setting for 2021 with the target for this year at “above 6%”. This is considerably lower than consensus forecast and we see the GDP target more as a sustainable growth indication that China is aiming for than what it is expecting for this year.” “Broadly, the other economic targets including urban jobs creation, inflation, M2 and total social financing growth are set similar to those in 2019 (pre-COVID), suggesting the expected normalisation of the economy this year. Nonetheless, fiscal deficit and local government bond issuance targets were set higher than market expectation, suggesting that substantial resources are still on hand to cushion downside risks to growth.” “China’s economic policies will be geared towards expanding domestic demand, strengthening science and technology and a high-standard of opening up where consumption growth, innovation and modernisation of the industrial system will play an important role.” “China will pursue a prudent monetary policy stance, in a flexible, targeted and appropriate manner. The growth targets of M2 money supply and total social financing this year are set to be in line with the nominal GDP growth after rising sharply last year to support the economic recovery. While loans growth is set to moderate this year, we continue to expect the benchmark 1Y loan prime rate (LPR) to be kept unchanged at 3.85% for the rest of 2021.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next S&P 500 Index opens flat as rising energy shares offset tech stocks’ dismal performance FX Street 1 year Head of Research Suan Teck Kin, CFA, and Economist Ho Woei Chen, CFA, at UOB Group, evaluate the recent NPC event. Key Quotes "China's National People's Congress (NPC) resumes growth target setting for 2021 with the target for this year at "above 6%". This is considerably lower than consensus forecast and we see the GDP target more as a sustainable growth indication that China is aiming for than what it is expecting for this year." "Broadly, the other economic targets including urban jobs creation, inflation, M2 and total social financing growth are set similar to those in 2019 (pre-COVID), suggesting… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.