China's Legislative Meeting Overview

China's top legislative body, the National People's Congress Standing Committee, is scheduled to meet from Nov. 4-8 to discuss various issues, as reported by state news agency Xinhua. Notably, no fiscal measures aimed at reviving the sluggish economy are on the agenda.

Discussion Topics

Lawmakers will deliberate on topics including:
– Mineral resources
– Energy
– Anti-money laundering legislation
– Maritime issues

Additionally, they will consider the outcomes of the upcoming US presidential election on Nov. 5, according to the South China Morning Post.

Other matters include:
– Appointments and removals of officials
– Examination of the State Council's financial work report
– Management of state-owned assets
– Special report on state-backed assets' administrative tasks from the previous year

Economic Support Measures

While there were speculations about discussing ways to increase government debt, support consumers, and stabilize the faltering real estate market—topics highlighted by Finance Minister Lan Foan earlier in October—these were not mentioned in the report.

In recent weeks, China has introduced measures to help achieve its 5% growth target for 2024. However, analysts suggest that more substantial support is necessary to boost growth, urging officials to disclose the details of any upcoming measures.

Additionally, a report from Caixin Global indicated that China might issue special treasury bonds amounting to 6 trillion yuan over the next three years, although this has yet to positively affect sentiment in Chinese stock markets.

There's also news from Reuters that Beijing is set to issue special sovereign bonds worth approximately 2 trillion yuan within this year.

*(Reuters contributed reporting.)