Today (March 6), the financial sector ushered in a key node of the Two Sessions. At 3:00 PM, the 4th Session of the 14th National People’s Congress held an economic-themed press conference. Heads of five major ministries and commissions—the National Development and Reform Commission, the Ministry of Finance, the Ministry of Commerce, the People’s Bank of China, and the China Securities Regulatory Commission—appeared collectively to respond to market concerns on core issues such as development and reform, fiscal budget, and financial securities, setting the tone for the year’s economic development.
The schedule of the Two Sessions progressed simultaneously today: delegations reviewed the draft outline of the 15th Five-Year Plan in the morning, deliberated on the government work report in the afternoon, and the National Committee of the Chinese People’s Political Consultative Conference (CPPCC) conducted relevant discussions in parallel, focusing on the key economic development priorities in the first year of the 15th Five-Year Plan. As an important window for financial information of the Two Sessions, this press conference has attracted much market attention, and is expected to clarify the direction of macro policies, key fiscal support areas, and financial supervision orientation for the whole year.
At the same time, the interpretation of the government work report continues to heat up, among which “maintaining economic growth within a reasonable range” has become the core guiding principle. It is reported that as the first year of the 15th Five-Year Plan, according to the projection of the 2035 long-term goal, the average annual growth rate in the next 10 years needs to reach 4.17%, and this year’s target is above this level, demonstrating a proactive development stance and injecting confidence into the development of the capital market and the real economy.
In addition, incremental funds continued to flow into equity ETFs today. In just two trading days, the net inflow reached nearly 38 billion yuan, with the share of many ETFs hitting a record high. Foreign capital also showed a net inflow trend, reflecting the market’s recognition of the long-term allocation value of Chinese equity assets, which echoes the positive signals released by the Two Sessions. In the follow-up, it is necessary to focus on the specific policy details released at the press conference and grasp the investment opportunities brought by macro policies.
