China's NPC Standing Committee to hold meeting on Feb 4
The NPC Standing Committee meeting on 4 February looks procedural rather than macro-moving, based on the proposed agenda flagged by state media: lawmakers are set to review a report on NPC deputy qualifications.
That said, markets still pay attention because “Standing Committee” meetings can sometimes be used to set the table for bigger policy signals, especially heading into the annual National People's Congress session in early March (the “Two Sessions” cycle). The fourth session of the 14th NPC is scheduled to open on March 5, while the fourth session of the 14th CPPCC National Committee is set to begin on March 4. The media center for the two sessions will be open from Feb. 27.
If the 4 February session sticks to the published agenda (deputy qualifications), CNH and China risk assets should largely ignore it, you’re more likely to see price action driven by global risk tone, China data, property headlines, and US rates.
The meeting is best viewed as preparatory plumbing ahead of March, when the big macro items typically land (growth target, fiscal stance, bond quotas, etc.).
Even when the formal agenda is narrow, investors and traders will scan for:
Any hint of fiscal front-loading (eg, language around local-government financing or authorisations). The Standing Committee has, in prior years, authorised mechanisms that allow earlier release of local government bond quotas to support growth.
Regulatory tone changes (business/market structure, tech governance, IP). Notably, the Standing Committee is currently running a public consultation on Trademark Law revisions, which is more micro than macro but relevant for corporate/legal operating risk.
FX impacts to be wary of:
AUD & NZD: Any surprise pro-growth signal (bond front-loading / stimulus language) would be a marginal AUD-supportive read-through via China demand/commodities; otherwise negligible.
Asia risk FX (KRW, SGD): Watch global tech/risk appetite more than February 4 politics.
