Chinese stocks are up more than 1% today after the National People's Congress revealed growth targets and some government priorities but now we're getting some details. Chinese consumer stocks are laggards so far, up around 0.5% but we're getting some notable headlines from the state planner now:
- Will improve the local tax system
- Will better leverage new policy-backed financial instruments and replenish the capital of major projects
- Will move consumption tax collection for some items down towards producers
- Will adjust and optimize the scope and rate of consumption tax
Again, we're not getting details here but it looks like some real action.
