0239 GMT - China's latest National People's Congress meeting outcome may be a slight disappointment to markets, particularly for foreign investors with elevated expectations, Goldman Sachs economists write in a note. Beijing scaled up local government debt resolution by CNY10 trillion over 2024-2028 but didn't approve additional government special bond issuance quota for bank recapitalization or consumption support. The missing mention on boosting consumption is an important component to support China's weak domestic demand, normalize prices and rebuild confidence, GS reckons. While the fiscal stimulus isn't the end of new measures, GS expects the magnitude of China's ongoing stimulus to be larger than 2022 to 2023 but smaller than that in 2008-2009, 2015-2016 and 2020.(jiahui.huang@wsj.com; @ivy_jiahuihuang)
(END) Dow Jones Newswires
November 10, 2024 21:39 ET (02:39 GMT)
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