China's Ministry of Finance is holding a press conference on Saturday, October 12, 2024, to introduce measures to intensify countercyclical adjustments of fiscal policy ¹. The conference, chaired by Finance Minister Lan Foan, is expected to address the country's economic growth and potentially announce fiscal stimulus measures ¹. This move comes after the National Development and Reform Commission's recent press conference, which didn't meet market expectations for additional fiscal measures ¹.The press conference is scheduled to start at 10 a.m. on Saturday, and while details are scarce, it's anticipated that Minister Lan Foan will provide insights into the government's plans to boost the economy ¹. The announcement has already had a positive impact on the market, with the Shanghai Composite Index paring losses and the Hang Seng Index reversing losses to swing into positive territory ¹.It's worth noting that fiscal packages in China are typically designed and announced by the Ministry of Finance and approved by the National People's Congress, rather than the National Development and Reform Commission ¹. As such, this press conference is being closely watched for potential signs of fiscal stimulus.
LYC Price at posting:
$7.41 Sentiment: Hold Disclosure: Held
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