The Communist Party is reportedly canceling their so-called “Two Sessions” parliamentary meeting set for early March as the fight against the coronavirus intensifies
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Zang Tiewei, a spokesman for the NPC legislative affairs commission, told Xinhua that deferring the March meeting “was necessary to give officials more time to work on containing” the coronavirus epidemic. Zang said one third of the national legislators were also local officials who have responsibilities back home. No new date for the meeting has been announced.
Investors tracking the China story on Twitter accounts owned by finance professionals seem to be in lockstep with Washington’s Center for Disease Control in thinking death tolls are also much larger than being reported. Just as important, the days-long meetings are where CCP officials unveil their GDP growth target. The canceling of the meeting doesn’t only mean China is busy fighting Covid-19. It also means the market won’t get China’s official GDP numbers anytime soon. They’re about to be Iowa Caucus’d. Some China bears will see this as a way for Beijing to avoid issuing GDP guidance under these awful circumstances.
“The increase shouldn’t be a surprise for investors who follow China closely right now,” says Owens Huang, senior research analyst for Dalton Investments in Santa Monica, California. “They are changing the way they are measuring patients. The virus has to change the fundamentals before we sell,” he says.
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