The annual meeting of the National People’s Congress (NPC) in Beijing was completed today, sending a strong message to shift focus from boosting economic growth to reining in financial risks, with the help of structural reforms rather than blunt policy tightening. This is a further step in policymakers recovering credibility in China and should help support current positive market sentiment, says a research report issued by BlackRock today.
Many of China’s key economic targets for 2017 were announced as the event progressed, along with a number of policy announcements. The GDP growth target for 2017 has been set at "about 6.5%", although Premier Li Keqiang indicated this is viewed as a floor and GDP could be higher if possible.
Containing financial risks and corporate deleveraging was identified as a policy priority with financial regul...
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