NPC work report; Period of historic opportunities; Huawei

The National People’s Congress is now in session. The annual work report from the Premier dominated day 1.

Watching Premier Li Keqiang give that annual work report to the NPC, and the official coverage of the day, is another reminder that in the Xi Era the Premier is a diminished official, almost more like a report reader now than an influential policymaker.

Some of the highlights of the report, with much more in the Essential Eight:

• 2019 GDP target is 6-6.5%. A range gives some flexibility but it is still too bad there is even a target. Remember when people were hoping the target would go away in a sign of seriousness about reform?;

• The targeted budget deficit is slightly larger than 2018’s at 2.8%, though Andrew Batson of Gavekal wrote on Twitter the actual cash budget deficit will be 4.3%: