China after the National People’s Congress

China just hosted its annual parliamentary meeting, the National People’s Congress (NPC), at the beginning of March, revealing the country’s strategic policies for 2023. Amongst others, the country set the GDP growth target for this year to be around 5%. “Amid escalating concerns of a global economic slowdown, our view is that China purposely set a relatively conservative target, but the new cabinet would look to exceed 5% in practice,” writes Mirae Asset Global Investments.

Furthermore, the Central Government revealed a restructuring plan, establishing the National Financial Regulatory Administration and the National Data Bureau, and revamping the Ministry of Science and Technology. As per the Mirae Asset AP Research Team, these institutional changes are positive as they have the objective “to streamline regulatory oversight in the financial sector, promote the integration and utilization of big data, and accelerate technological innovation.”

In the insight, Mirae Asset further talks about sector-specific implications of China’s NPC, amongst them changes for the Electric Vehicle, Green Energy and Semiconductor sector.

Read the full insight at am.miraeasset.com.