Debt not on agenda of China’s top legislative body November meeting

By Liz Lee

BEIJING (Reuters) – China’s top legislative body will meet from Nov. 4-8, state news agency Xinhua said on Friday, with no mention on the agenda of highly anticipated debt and other fiscal measures.

Draft laws and amendments to be discussed at the meeting of the National People’s Congress (NPC) Standing Committee will cover mineral resources, energy, anti-money laundering measures, maritime issues and other areas, Xinhua said.

But there was no mention of measures that Finance Minister Lan Foan flagged up earlier this month when he said China would “significantly increase” government debt and support consumers and the property sector.

Investors have been disappointed by a lack of details on size and timing of any such fresh fiscal stimulus.

Last week, local media outlet Caixin Global reported that China may raise 6 trillion yuan ($842.32 billion) from special treasury bonds over three years to stimulate a sagging economy. That figure failed to revive sentiment on the stock market.

Reuters reported last month that China plans to issue special sovereign bonds worth about 2 trillion yuan ($284.43 billion) this year as part of fresh stimulus.

The meeting will also examine the State Council’s financial work report, the management of state-owned assets and a special report on the administrative undertakings of state-owned assets last year, Xinhua said.

The legislative top brass will also deliberate on matters related to appointments and removals of officials, Xinhua added.

($1 = 7.1232 Chinese yuan renminbi)