14th NPC Standing Committee's 12th Session to Convene in Beijing, Seen as a Key Economic Stimulus Window
The 12th session of the Standing Committee of the 14th National People's Congress will be held in Beijing from November 4 to 8. Among the published agenda items is the review of a report by the State Council on financial work. According to The Wall Street Journal, the market views this meeting as an "important window" for China to announce additional stimulus measures to boost its economy.
Earlier, at the 6th meeting of the China-U.S. Economic Working Group on October 25, Chinese Vice Finance Minister Liao Min introduced the U.S. side to a recent package of incremental policies being implemented. He indicated that specific arrangements are expected to be announced following legal procedures in November.
Since launching a series of incremental policies in September, China has garnered strong international attention and positive feedback. Simultaneously, China's external economic activities have notably intensified. Recent developments include China's proposal of five key BRICS initiatives in Kazan to elevate "Big BRICS Cooperation" to a new level, the busy schedules of officials from economic ministries such as the Ministry of Finance and Ministry of Commerce, and preparations for international cooperation platforms such as the 7th China International Import Expo (CIIE) and the 2nd China International Supply Chain Expo (CISCE), both set to take place in November.
Liu Ying, Director of the Collaborative Research Department at Renmin University's Chongyang Institute for Financial Studies, told reporters from China Youth Daily that as the world's second-largest economy and largest trading nation, China is injecting robust momentum into global economic recovery and growth through its high-quality development and efforts to strengthen connectivity among countries. Amid rising anti-globalization trends, protectionism, and intensified geopolitical conflicts, China is leveraging its economic certainty to hedge against external uncertainties.
China's Economic Vitality and Resilience on Display
"There is ample evidence that cooperation benefits all nations. When uncertainty rises, the value of cooperation becomes even more pronounced," said Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), on October 24, while addressing global challenges such as high debt levels and slowing economic growth.
"Global challenges" were also a major topic at the 6th meeting of the China-U.S. Economic Working Group held on October 25. Liao Min, attending the meeting in Washington, D.C., during the World Bank and IMF annual meetings, co-chaired discussions with U.S. Deputy Treasury Secretary Wally Adeyemo. The two sides engaged in practical and constructive discussions on macroeconomic trends and policies, addressing global challenges such as liquidity issues faced by low-income countries, and arrangements for future communication.
To curb domestic inflation, the U.S. Federal Reserve has aggressively raised interest rates since March 2022, pushing its target rate range from 0–0.25% to 5.25–5.5%. This has triggered capital outflows and currency depreciation in many countries. In response to domestic economic stagnation and a lackluster job market, the Fed initiated its first rate cut in four years in mid-September, reducing rates by 50 basis points.
Daryl Guppy, an Australian representative of the Silk Road International Chamber of Commerce, noted that the Fed's sharp rate cut highlights the precariousness of U.S. debt issues and its global impact, particularly on nations pegged to the dollar. "Some countries will have to follow the Fed's lead in monetary policy, even if such measures are ill-suited to their local economies," he said.
China's Commitment to High-Level Opening-Up and Global Cooperation
On October 25, Chinese Commerce Minister Wang Wentao met with Apple CEO Tim Cook in Beijing, expressing China's willingness to facilitate regular government-enterprise exchanges to support the healthy and stable development of China-U.S. economic and trade relations. Liu Ying pointed out that since the 20th CPC Central Committee's Third Plenary Session emphasized "promoting high-level opening-up," China has demonstrated the stability and continuity of its external economic policies.
Liu highlighted that China is fostering high-level opening-up and high-quality development while accelerating the formation of a new development paradigm characterized by the domestic economy as the mainstay, with mutual reinforcement between domestic and international circulations.
"The sustainability of China's recent incremental policies is another defining feature," Liu said, citing the People's Bank of China's decision on October 28 to implement a new open market repurchase operation tool, injecting long-term funds into the market and providing strong support for the real economy. Liu expects further fiscal and monetary policy coordination to intensify counter-cyclical adjustments.
Indicators reflect China's steady and progressive economic momentum. In the first three quarters of the year, trade with over 160 countries and regions grew, and cross-border capital flows returned to net inflow status. The State Administration of Foreign Exchange reported on October 22 that foreign holdings of onshore RMB bonds exceeded $640 billion, a historical high.
International Recognition of China's Growth Potential
Global financial institutions, including Goldman Sachs, JPMorgan, and UBS, have recently raised their forecasts for China's economic growth this year. At the 110th Development Committee meeting of the World Bank, Liao Min publicly stated that China is confident in achieving its annual GDP growth target of around 5% and will continue contributing to global economic growth.
IMF statistics show that over the past decade, China has accounted for more than 30% of global economic growth, surpassing the combined contribution of G7 nations.
In Liu Ying's view, "The future growth opportunities lie not in the West but in developing nations." ASEAN has remained China's largest trading partner for four consecutive years. The IMF predicts that global economic growth will increasingly rely on BRICS nations rather than wealthier Western countries.
