China’s NPC: Pledge to implement the US trade deal

Following the conclusion of the China National People's Congress (NPC), the country’s parliamentary report is released by Premier Li Keqiang, citing that it pledges to implement the US trade deal.

Additional takeaways

"China tells all governments to tighten up belts.”

"China will further guide lending rate lower china.”

"Will improve measures to encourage exchanges with Taiwan.”

"China to stick to 1 country, 2 systems for Hong Kong.”

“Will establish sound legal systems, enforcement mechanisms to ensure national security in Hong Kong, Macau.”

"China reiterates more proactive fiscal policy.”

"China to make prudent monetary policy more flexible and appropriate.”

"China also resolutely opposes Taiwan independence activities.”

"China will also cut taxes fees by 500b this year.”

"China to continue cutting vat this year.”

"China monetary policy stance unchanged.’

“China will actively advance free trade agreement talks with Japan, S. Korea and other countries.”

“To ask local banks to boost lending to SMEs by 40%.“

“To accelerate construction of oil and gas pipelines and storage infrastructure.”

“China will increase financial support to keep business operation stable.”

“Difficult to achieve growth in foreign trade in 2020.”

“Will firmly safeguard multilateral trading regime and actively participate in WTO reform.”

Market reaction

The Chinese proxy, the AUD, is unperturbed by the above headlines, as AUD/USD keeps its range around 0.6565, at the time of writing. 

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