we have the npc coming next week. while we manage expectations and would agree that we should not expect any form of major bazooka stimulus, still piecemeal, but we will see the confirmation of the progress agenda, progress mindset. target not so far from 5% and some additional measures with regards to the stock markets, stabilizing again and again the property market and home prices. and finally we think it is crucial for us, the consumer confidence and spending. the chinese lunar new year holidays were encouraging in terms of travel but less so in terms of expenses and capital but nonetheless heading in the right direction. and justified from the perspective a better positioning on chinese stocks. yvonne: is it the policy or do you need policy and earnings? xavier: eventually you definitely need earnings and a shift in the trajectory. usually stock markets will react six months ahead of the actual hard data revisions and i think that is what is happening. this has yet to be confirmed with the actual revisions. but t

we don't know how they will get there and got no detail from the npc.th: a lot of things wrapped up in that smart assessment you made. on the one hand, china is putting forth a fairly confident projection of 5% growth. i think there is a lot of doubt in the u.s. that it achieved the 5.2% that it said it achieved this last year. jan that, -- beyond that, for the u.s. it is important to understand there is a -- there are distinct initiatives. one, when you're talking about chips, these are related to the highest and chips, related to national security and selling china chips that could be used for military applications that would undermine u.s. national security. and then there is de-risking around supply chains. covid was a wake-up call. we don't want to be dependent on any country, like taiwan for example for chips. we want to have resilient supply chains and need redundancy. it is a second de-risking effort. and the third is around competitiveness. china has a number of policies around subsidies, nontariff barriers that the u.s. wants to address. there

china kicks off its npc this week.have defense stocks in focus, defense spending being boosted by 7.2% this year. the highest in about five years. some say the defense budget was a slight letdown, but enough for the moment. we are seeing gains across the (jennifer) the reason why golo customers have such long term success is because we focus on real foods in the right balance so you get the results you want. when i tell people how easy it was for me to lose weight on golo, they don't believe me. they don't believe i can eat real food and lose this much weight. the release supplement makes losing weight easy. release sets you up for successful weight loss because it supports your blood sugar levels between meals so you aren't hungry or fatigued. after i started taking release, the weight just started falling off. since starting golo and taking release, i've gone from a size 12 to a 4. before golo, i was hungry all the time and constantly thinking about food. after taking release, that stopped. with release, i didn't fee

the npc, it's a bit of a show. _ plays out this week? the npc, it's a bit of a show.comes. there won't be any great dissent or debate, it is a rubber—stamped session. but, that said, because it is also prepared, it is a good way of finding out what the government's thinking is, you know, to look at the speeches, to listen in on these press conferences, even though they are all highly controlled, they are all highly controlled, they are all highly controlled, they are only taking questions that have been screened, but because of that, you know that the messages that are coming out are what the government thinks is important. and so thatis thinks is important. and so that is why all these china analysts are pouring over the government work report for example and listening in on these press conferences to try and get an indication of what the government hopes to do. i mean, they do have some good stories to tell on the economy, renewable energy for example, electric cars, so there are things that the government can crow about, and i suppose over the next week they will b

npc gets to modify a law about the organization of the state council.ot of news and speaks to how much more important the party is compared to the national people's congress or other parts of the government. haidi: a lot of numbers are similar to what we've seen, carbon copies of previous reports, so is it that the communist party is not grasping the situation or something else at play? there has been extra obscurity added as well. >> if you read the government work report, from a basic perspective, this was a difficult challenge, maybe they could expand the deficit, but that is not the problem. this is a confidence problem and they hand at that, but nowhere near enough. what people want to see is that the party feels people's pain, understands challenges and the solution is not more spending. it is empowering chinese people in cities in the countryside. the residency system was not mentioned. nothing was mentioned that will be about transferring wealth to chinese households and that is what needs to be done to raise confidence in order for people to ta

inflation is the main target the npc is looking at.ation settles at 4.5% in the next financial year, which is the forecast, 200 basis points real rate, scope for at least a 50 basis point shallow rate cut cycle does open up. the timing for this in our view is likely to be later rather than sooner. not before august. the bias remains late cuts only happen in 2025. haslinda: in terms of growth, india is going gangbusters. the indian government raised its forecast. the rbi saying 8% is possible. is that a sustainable pace of growth for india? kanika: looking at the numbers the last three years, the average growth for the current financial year which is about to end in march, the average pace for 2022 and 2023 combined looks about 8.5%. the last three years we already averaged 8%. looking at a sustainable medium-term growth number. it looks closer to 7% mark. our forecast is close to 7% because there is likely to be soft landing, belated hikes in india as well. when we talk about the of fiscal consolidation as a driver of this growth cycle

you can turn to bloomberg for more on china's npc.get commentary and analysis as we await more details from the premier. more to come on daybreak: asia. this is bloomberg. ♪ >> you are watching daybreak: asia taking a look at the price action we are seeing from market so far. china setting a growth target of around 5% over the course of the year and they are also planning to add 12 million jobs. we are getting details on local government that. a lot of headlines dropping ahead of the work report announcement at 9:00 a.m. beijing time. our connection reflecting overnight u.s. moves because wall street drifting slower ahead of jay powell's testimony. and some key jobs data ahead. we are also tracking the inflation picture in japan because we have price growth in tokyo surging back above the b o'jays target and february. lead indicators and the national data will be announced later this month. let's get more from our senior editor, brian. how much do you think this is based affects or do you think it is a resurgence in price pressures? >

the npc legislates and executes the directives of the party.ghly two week affair is known as -- the two sessions. the npc is preceded by a gathering of the chinese people's political consultant of conference, an advisory body supposedly representing views from the broader society and business community. even though party membership is not required to be in the cppcc it is advised by the communist party. haidi: talks at the wto and abu dhabi have been extended for a fifth day. nations are struggling to reach agreements on key issues. paul allen joins us with more. it is quite divisive and complex, what are the sticking points? >> one is around this area of stock holding it has nothing to do with stocks but countries buying grains from farmers predetermine prices. that looks like a subsidy by any other name. india says this is about food security for 800 million extremely poor people. then you have trade purists saying this is distorting the trade environment and preventing these countries from exporting. there were issues around fisheries and th

haidi: last day of the mpc -- npc. the press conference has been scrapped. is that worrying french in investor in that we did not get much details as to how they plan to support the 5% target. >> it is somewhat disappointing and that is why you see offshore investors selling china whereas domestically it does seem the commentary is in confidence domestically for the domestic consumer. we did not see big stimulus but the expectations were low for that. investors will look forward to more details about rate cuts which signifies and what else is to come through. at this point there is negativity about the upcoming quarterly result for chinese companies because of a tough stance on financials and the like, so we will probably see more losses and what the government is doing and serve -- in terms of the equity market. it is in line with expectations. annabelle: what do you think investors will be most focused on? the earnings story or do we get rate cuts indicated as you say? will that be something that a bronze if not a pick up at least upping the selling? >> of

china's npc is wrapping up.ke a look at why there was more of a focus on what the leaders did not do. we will bring you inside from one of the smartest people on china and that economy. stay with us. this is bloomberg. ♪ tom: welcome back. china's annual session of parliament the national people's congress wreps up in half an hour's time with perhaps more emphasis on what leaders did not do than what they actually did. joining me now is michael pettis and someone who has followed the story of china's economy for years in granular detail. few people have the kind of insights that michael pettis has. one line that stood out, consumption, the only potential engine of growth for 2024 for china is consumption. unpack that line. >> for a large economy there is only two sources of growth, investment and consumption. if you go to the various components of investment, there are three big areas. there is the property sector, which at best was stabilized and probably contract this year. there is infrastructure investment,

haslinda: this npc is especially important.have been hearing from guests this morning from our new program, "the china show," about what to expect from the meetings. >> actually say something more firm like we will get to 5% no matter what, then you would expect more stimulus than last year because of such a low base effect last year. if they are more flexible, or go lower and say 4.5%, then you know they will focus on things like national security and stability rather than economic growth. >> growth target, everyone is focused on that. we are not too different from consensus. we're looking for around 5% for 2024. the other big number is the fiscal deficit, for gdp ratio we're looking to 3%. >> china will build a lot of leverage just to achieve 6-7% gdp growth. haslinda: for all things china, catch the best analysis of everything china on bloomberg's "the china show" with your definitive source for views on asia's largest economy from policy to tech and trends, we will have in-depth discussions with the newsmakers who matter ev

the npc is only seven days should usually it is 10 days. singh from the agenda were appointments meaning we are not going to get a new foreign minister. qin gang was removed after seven months in office. the shortest tenure ever for a foreign minister in china. we don't really know the reasons. that leads to the issues of opacity. there is no agenda item two appoint a new one. the state council who has taken over the previous job will stay on as foreign minister. annabelle:annabelle: our next guest sees japan as being a main beneficiary out of the weakness we see in china. supply chain shifting away from the world's second-largest economy. let's get more from the chief investment strategist at century wealth. this is probably one of the minor points as to why we have been seeing flows being driven into the market in japan. >> that is correct. i am not a specialist on japan. i focus on the united states. global markets are important. when you have a market that has not broken out into all-time new highs in 30 years, that is significant. what

the former premier opened up the npc last year with his final work report.t will be interesting to see if there are similar terminologies, similar verbiage is coming from the fairly new premier li qiangs as he tries to outline the priorities of xi jinping, who has continually, over 2023, talked about high quality development. that is a term he has used 128 times in 2023. a bit vague, but essentially, it means, we can allow a lower pace of gdp growth as long as the growth going forward is sustainable. and that is something we will be watching very closely. in that lengthy earth -- work report from him tomorrow. haidi: on the one hand, this gdp target is a symbol to try and instill confidence. on the other hand, is there a risk that if they said it too high, they could miss the target? stephen: there have been calls over the last few years to scrap the target altogether. why do it? essentially, the work report is marching orders from the premier to the provinces and around the country that this is what you need to deliver. in years past, we have had some leade

stephen: the world is watching beijing's next policy move, perhaps at the npc, with great interest.oomberg. tom: the report on tuesday and growth target will be consequential. the expectation is as we get a more historic view on growth in trajectory of the world's second-largest economy, they will come in with a growth target of 5% which will be relatively aggressive, given that last year's 5.2 percent growth was from a low base indeed. they are coming at it is a relatively bullish number. strong in terms of growth target. there is some debate, some of argued it is less important given the focus on other levers to the economy. this is the longer-term picture in terms of growth from china since 2009. you see the softness and headwinds, whether it is decoupling coming through from some analysts or the demand picture. there is deflation and continued softness in prices. people ended up last year with inflation around 0.2% for the entire year. you realize what that tells you about demand. that is gdp but we are looking ahead to deficit targets in the work report and other settings for t

top five largest npcs and a total of 10% of oil or 34 million tons are processed.addition, refineries in slovyansk in the kuban, syzran and the first plant caught fire. in the kaluga region, which together are capable of processing 12 million tons of oil, or 4% of the russian industry. unfortunately, the strike on the novokuybeshiv refinery was unsuccessful, almost 70% of russia's oil refining capacity is located within a thousand-kilometer range of our drones. taking into account the previous attacks on refineries in january and february, we probably stopped almost 25% of oil processing by 80 million tons. we are winning. daily death to enemies. well, these are the stories, and the most interesting of them is , of course , the transfer of the war to the territory of russia. and actually, let's talk a little about this and other points with andriy kramerov, he is an officer of the air force reserve of the armed forces of ukraine, congratulations, mr. andriy, i congratulate you, well, look, the most interesting thing for me was that the russians actually hit their o

so this is really a very status quo npc.gs you mentioned together. no speech by xijinping and no press conference by li xiang. what do you put that down to? so obviously, the tenor and approach for the communist party and the government of china is changing. they�* re less accountable to the people and to the media. there is obviously, i think, also a major shift in the communist party's consolidation of control underxijinping. so the party really leads in all things, as they say, and the government is increasingly taking a back—seat. it's an administrator. it's not a decision maker, it's not a policy maker. so i think that kind of reflects the real shift in power from the state to the party. and what does that mean for countries dealing with china, like the us, for example? where do they look to sort of gauge which direction china is going to be taking? well, i think if you look at, actually, what xi jinping said last year at the npc, he made it very clear that they have to balance security and development. and it's really

let's get more analysis on the npc with gary, an ambassador to china, hejoins us from seattle.npc, a lot of focus from the outside world looking on is china's economy because it does seem to be struggling?— because it does seem to be struggling? well, obviously, that is the — struggling? well, obviously, that is the number _ struggling? well, obviously, that is the number one - that is the number one objective for the leaders of the communist party in china, there's so much rampant unemployment, the housing crisis is very much on people's minds where people have paid money for housing units that are not being built, whether developers have defaulted and so, you have all these empty buildings halted construction and so, the real estate market is very severely depressed and prices dropping so, the huge challenge for the chinese government, high unemployment, young people graduating out of colleges with no job prospects and of course, very slow economy so that even restaurants and shops are not making the money that they would normally hold to have and so, it is of great concern o

the spokesperson for the npc saying the government will make new laws to deepen economic re reform whileocusing on technology advances. saying there are no tech hurdles that can't be tackled. sam baddas filed this report. >> reporter: china's biggest session has gotten under way with the cppcc today. this is a largely ceremonial on body which advises the government on social issues. it is not typically the most h headline grabbing day, but what has caught attention is the npc spokesperson that pre-hemier li will no longer deliver the closing press conference. we will be hearing from him tomorrow which will largely overshadow the entire event with his government work report. a lot of eyes on this in terms of what the government has to say about the gdp growth target. the consensus in the market is 5%. that is based on the propvince government. there are bear iish views in th market at 4%. really a number higher than that would represent, perhaps, more sdim stimulus to come or more belt tightening on the way. the other numbers that will be closely watched and scrutinized by the markets is

the npc is short could the press conference has been scrapped.elivery of the work report, his speech was short. does this worry investors on the information and data side it is becoming more opaque? >> absolutely. that is why we are seeing the last couple of years a lot of the historical norm has been abandoned. for example, the change of constitution, the removal of the -- all these things adding up create a rounded policy uncertainty in china. that is why we see the foreign direct investment have been declining for china. a lot of the outflows from the equity market the last couple of years. the other point to make is the current strategy china is pursuing is doing little to get china out of the deflation loop because china prioritizes all of the industry policies, pouring the resources to the industry that it deemed as strategic in marking geopolitical tension with the u.s. all of this stuff. that is adding a lot of production and by to the market. while they did very little at least so far, they have done very little to stimulate the demand s

in 1970-75, we used 97 kg of nitrogen, phosphorus and potassium per 1 hectare, in general npc, but ofitrogen fertilizers amounted to only 25 kg. this is a very low level that is not guaranteed. and did not ensure high yields, so the most important direction was the creation of our own plant, which would provide our country with nitrogen fertilizers. for the republic, this problem had its own specifics. in the gomel region and the brest region , soils that are light in granulometric composition, sandy and sandy loam soils, grow to a greater extent. pogrodnitsa region, this is more like this already. bssr, large-scale production should have become basic in the soviet union. a recent meeting in the state planning committee of the bssr in may of '58 once again ended without results. the proposed sites for the construction of a new chemical plant were not accepted; the arguments were considered unconvincing. the next one took place in person. now he listened carefully to the arguments in favor of each option: skidel, bereza, starobin, gomel, polotsk, stolptsy, pinsk, and even borisov. each

but what we saw is businesses were watching the npc meeting carefully. will prioritise next year, and as you heard, they'll prioritise hi—tech and they'll be prioritising manufacturing. the reason why the business community wasn't as enthusiastic as we might have hoped is that the announcement to liberalise manufacturing and those roles isn't what web businesses are looking for. the reason why foreign investment fell to the lowest number in a number of years is because of other issues. so the government knows what it needs to do if it wants to encourage investment. it needs to level the playing field. for example, china says that it field. for example, china says thatitis field. for example, china says that it is open to things that are made in china. but often made in china means made in china by a chinese company, or sometimes made in china by a chinese company in the province or the area where the item is being purchased. we also see that the government announced last august a very ambitious slate of reforms that would have gone a long way to help rea

it is really thanks to this annual gathering of these npc delegates. we are here and broadcasting live of course, this is the first quote, unquote normal npc post pandemic, no more press bubbles, covid bubble was, but still, this is a shorter affair, only one week long compared to the club what's the two weeks in the past. and some people have jokingly said this event is more scripted then most. and most oscar nominees, because in less than 30 minutes, these nearly 3,000 delegates, they're going to vote on a number of government proposals, including a budget and reports. and without a doubt, they're all going to be passed and likely with close two unanimous votes. and again, that that was not always the case in the more freewheeling days of 1990s, early 2000s, people actually did cast dissenting votes to show there displeasure with the government. so all of these developments, rosemary, especially with the cancellation of the annual premiers conference, press conference really reinforces this notion to a lot of people that in this country today, only o

oil-producing north caspian consortium, which includes such well-known companies as shell, tatal, exans and npc pay the state, that is, kazakhstan, $5 billion for environmental damage. all these giant companies have been pumping oil from kashagan for almost a quarter of a century. this is a super-giant field on the caspian shelf, one of the largest discovered in the last 40 years, oil reserves are estimated at 4.5 billion tons. how established by the commission, the consortium worked on the principle: after us, at least the grass won’t grow, they violated all environmental requirements, experts even estimate the real damage to be significantly higher than 5 billion dollars, but from a black sheep even a tuft of wool, although you can get even this amount from transnational giants it won’t be... simple, after all, it was a court decision in astana, and now, apparently , there will be international arbitration, as we know, the most unbiased arbitration in the world. what else was memorable about this week in asia? kasym ms. martakaev remotely participated in the opening ceremony of an important t

developers are on the booth and investors shrug off underwhelming npc.e talk about tech it has risen 20% from january. flip the board because it is worth talking about real estate. we've been watching china, because of investment-grade credit, moody's cut it to junk territory and chinese lenders reluctant to lend or provide assistance because they want collateral before they sign off on a loan. let's flip the board and zero in on the yen. boj governor talking about weakness in consumption, prompting sectors to pair back that's that we will see an imminent move. the yen is weaker than the greenback. if you look since the start of the month we are seeing dollar-yen pull down, putting pressure on equities and jg these are feeling the pressure hull. turning her attention to u.s. cpi. tom: april hong on japanese equities. of let's get you some breaking news on earnings. an italian insurance giant with a beat. it is a beat on the full year net income. operating profit is a beat. estimates had been for six .8 one billion euros and estimates had been for one eur

still it is lack of support coming through from the npc. pressuring the chinese developers in hong kong. also a look at what we see in japan as well. it is very interesting today, we're seeing the construction. the general contractor, obiashi. that is lifting the other construction-related stocks on the topics and it is really interesting how it its sectors that are taking turns to lead the market bus nikkei has pulled back. hang seng tech is where we're seeing the bleed today. it is the consumer related -- those are the key drags despite some of these chip makers managing to pay some of the earlier losses thanks to china reaffirming its self-reliance in technology. you have to wonder where this is going to go with u.s.-china tensions at play, tom. tom: amd is set to hit a u.s. government roadblock. for more on this bloomberg scoop, let's bring in peter, an executive. what is the significance of this abd roadblock for the u.s.-china relationship? >> well, this really underscores how serious the u.s. is in its efforts to try to block china f

journalists was that mcdaniel belongs to that anti—democratic movement and thus doesn't belong on the npcbusy hour here. we'll have the latest from baltimore and the operation in the harbour following the bridge collapse in the early hours of tuesday morning. the search goes on for the six missing workers who were on the bridge. we will get the latest from our correspondent who was there on the ground for us. we will be live in the middle east following the reaction that they are considering sending back that delegation to washington the one that they pulled after washington supported the un security council resolution. we will get reaction on that developing story. one more story that we will be looking at. and a new bbc investigation tells for the first time the story of a lost american documentary, filmed inside the irish republican army in 1972. i'll be speaking tojohn o'kane, who produced the documentary. all of that coming up in 60 minutes. now it's time for a look at the weather. hello there. it's going to stay very unsettled as we head into the easter weekend. and today was certai

she just had another term on the npc confirmed.you see an even more dovish surprise hsbc says it is increasingly energetic. sterling has been the best performing g10 currencies against the dollar this year on that higher for longer narrative. it is a dovish surprise. hsbc asks whether or not that could last. request lizzy burden walking us through a preview for the boe. she says it won't be a snooze fest. i believe her. not the only central bank reporting this morning. the swiss national bank is as well. this is where a lot of the market is focus. they seem to be short when you just look at this expectation of a cut from the s&p. i want to get a little bit more context here. a pleasure to have you on the program. this is not the first time they have in the past and could potentially front monday ecb or the fed when it comes to color. >> the inflation is just lower than was expected and significantly lower. want to improve -- 120%. this is definitely a strong case for them to lower rates. defrank has lost strength since the beginnin

npc, the chinese premier li set the target around 5%. that is very conservative.ctors in all of the challenges they face with the u.s. and uncertainties on geopolitical issues, so i think they are prepared. tom: they are prepared for the politics of the pressure point, more heat from d.c. thank you very much. to some of the stories making news this thursday, and x provider ftse russell says portugal will be added to a key bond but had all -- held off on a decision on south korea and india. portugal joins from next november. south korea stays on the watchlist for inclusion on the ftse global bond while india remains under the watch to joined the global market equivalent. earnings at jefferies was on the strength in at a renewed activity in the investment banking business. the firm says revenue jumped 35% on improved debt and equity underwriting as concerns about inflation which is starting to stabilize. amazon investing in additional $2.75 billion in anthropic, completing a deal to back of the ai started. they will use amazon's cloud services. anthropic was formed

a lot of the challenges around the npc is that it is headline heaven y and light on details a that isard to see how they will achieve the growth targets. in summary, what this work report has told us is that policymakers are comfortable with the current trajectory and the path that they have been on. they have in terms of continuity and change chosen to go with the former continuity fine tuning of the policies they announced rather than going with a shift in terms of policy direction when it comes to addressing the enormous economic challenges. they pledged to create 12 million new urban jobs this year. that is a higher job creation number than last year. that suggests to ask that the government is focusing on consumption. if you have a job, you are more inclined to send your money. they are talking about a year-long campaign about worry free consumption initiatives to address the weak consumer demand right now because that is something that the markets have very much been looking out for certainly in terms of demand stimulus. in beijing, i'm sam baddas, cnbc business news. >>> china

. >> the world is watching beijing's next policy move perhaps at the npc with great interest. haidi: let's bring in a fellow with the center for china analysis at the asia society institute. it was said the structural reforms could be painful. are we to believe a painful structural slowdown is what china needs ultimately? >> it is a great question. i think it is clear from what xi jinping, the overall leader is doing. he recognizes china needs to change its growth model. the chinese government itself that started the property wobble of the last few years through the three red lines policy. they know there is too much with the economy focused on property. focused on highly leveraged debt activities. he is trying to change that. the danger is you blow up the broader economy, the financial market while you are trying to do that. there is a big question about, can the policies president xi has put forward, can it solve the problems? vectors and private sector to have been -- investors and private sector have been burned by unfriendly policies over the last years. haidi: it wouldn'

consultative council, this is such a kind of all-people 's multi-party front, in fact, the main session of the npcss , where there are, as it were, two levels, one obvious, understandable, that is, an increase in military spending has been announced everyone. 2%, which is quite understandable, given the militarization of the asian-oceanic region; by the way, just against the backdrop of two sessions , us-south korean military exercises are taking place, free counting, and so on, were published. drivers of growth, cheap labor, favorable geopolitical situation , there is no longer us competition, to put it mildly, there is no longer a factory in the world, there is a technological power, new drivers have arrived, they are being formed, this is, of course, double circulation, and new projects and so on, then in fact, we are watching these seemingly boring numbers, in fact, new content, new content of a leading technological power, well, in fact, number one in many indicators, if we sum it all up... and we are on our eve of our on the great holiday of march 8, i remember the phrase “maudzeduna”, he on

are getting that this week from country garden and no stimulus plans coming through from the china npc, so that is what we are seeing. we are watching out for hon hai numbers, apple's main iphone maker is we are expecting the idea meant to help offset slower iphone sales ahead of that. it's unit foxconn industrial reporting limits on net income, and we saw a fellow affiliate slumping by as much as 9%, the steepest decline since march 2020. i want to take you to what we are seeing among chinese and other miners in the regioin -- region as copper suppliers surge as smelters are considering production cuts. at that surge in the commodity is lifting chinese, japanese mining stocks. let's take you to the cross as that picture. we are watching out for the boj next week. that there is a lot of chatter around what we will get for the central bank, but it seems like those mining, energy related counters or lifting the stock gauges. at the 148 level, might be a sign of dovish comments coming through the boj governor. lizzy: i have -- tom: avril hong, thank you very much indeed. the data we are e

npc underweight failed to spark joy this week and that is what we're are seeing in the asia-pacific. >> interesting dynamic that doesn't have an impact on the asia story. april hong and singapore, we thank you for your story. i want to stick with that story because in the state of the union address president joe biden announced the u.s. military plans to establish a temporary port to ramp up the delivery of a and ease the territory sparked by the israel-hamas war. president biden: i'm directing the u.s. military to lead emergency mission to establish a peer on the coast of gaza and to receive large shipments carrying food, water, medicine and temporary shelter. no u.s. boots will be on the ground. the temporary peer will enable a massive increase of assistance getting into gaza every day. kriti: let's bring in paul who heads up our coverage out of dubai. there's a lot going on in this gaza story. for a global audience it comes after a week of primaries and caucuses were joe biden actually performed a little bit less better than expected because so many people came out in protest of h

. >>> let's shift to china's central bank speaking at the npc in beijing, he said it won't promote a minor rebound in the consumer prices and keep the yuan quite stable. >>> we look at the tui shares higher today this comes after morgan stanley upgraded the stock to overweight from equal weight and raised its target price at the same time and really with regard to that one, you see it shift into 188 so it will be interesting to look out for that one. >>> also then, meanwhile, shares of grifol slunk after a new report and a move by moodys that put a rating for its stock on view for a potential downgrade that stock down in double digits, 12.5%. and dhl has guarded its stock it's down 25% on the year and will ramp up its share buyback program by 1 million euros while extending it >>> now, ceo tobias mayer told cnbc why it did not approve. >> this is really the main component on our net position as well it's to increasing the amount, which isn't a bad thing because we have a growing business in the u.s. our supply business very successful there, also coming in with good momentum not conc

that we also have democracy, we have a wonderful one, which means the system is built, because the npcters, ambassadors, introduces new laws, and they approve the budget and so on, that is, this is a demonstration of chinese democracy, 3,000 people were chosen in a completely electoral manner, and so on, the second important point is that gdp will grow. prime minister letyan set such a high bar, slightly lower than last year’s 5.2%. however , this is higher than in the united states, the eurozone, and so on and so forth. well, the fact that observers note that letyan was quite modest, unlike his predecessor, rejoice as prime minister, canceled his annual press conference, that is, by and large in china , more and more, the government, the bureaucratic apparatus shows that there is only one major actor who speaks with the voice... of all china, this is the chairman of the people's republic of china, xidingping. yes , well, nikolai nikolayevich helped us figure it out a little, but no ministers were appointed, which happens, yes, it happens, but there is a standing committee in the ssnp,

what the npc will be doing at the next meeting will be assessing the durability of this pickup in near-term growth momentum. that depends on how strong the drivers are and how big the structural drags are going to be. that's the main question in terms of the policy decision. haslinda: given what you are seeing right now and given the growth you are talking about, is it reasonable to think that you can maintain the neutral rate of 2.5%? does anything change that target? piti: yeah. the committee aims to be broadly neutral, given where we are in the overall macro picture. you know, broadly neutral is not an exact estimation to have. it's true that there seems to be slower trend growth than we had anticipated, looking back a year or two years ago. that would figure in whether there's a need or not to recalibrate the neutral stance. that depends on the strength of the cyclical recovery that we are seeing coming in the first half of the year. the first question is to decide whether there's a need to recalibrate neutral. if there is one, the timing is the second issue. what would be the appropria

of course they had quite a big pullback on the day of the npc but after that it seems investors have been coming in with very good volume. hence, the index is now back above the 17,000 mark. so things are looking ok. i would say that for selective consumption names, china is looking quite interesting on that space. plus also the banks have been doing quite well. course they always have the dividend angle. but in times like this in the early stage of the rebound they have been doing pretty good. so i would say some of the consumption names, the banks and the soe's in general. haidi: there is a big question mark over japan at the moment in terms of where the equity rally goes. how endangered and correlated is that relationship depending on how the bank of japan proceeds from here? we have been seeing that the bank of japan is very likely to be tightening policies. so that has always been a key risk for japan equities. but we see this risk as an opportunity for investors to be adding to positions. the improvement in corporate governance and valuation is still attractive. those are key f

the npc was not sufficiently positive to cause the markets to rally. it was not a strong enough catalyst. the chinese government will do more because if you are holding onto the 5% growth target, it means to achieve it, you will see more stimulus from the chinese government and hopefully, that will change sentiment. >> i suppose what would be the catalyst when it comes to becoming more constructive on china, but in the meantime, do you continue to see outflows being redirected to markets like japan and india that have been kind of catching some of the interest diverted away from china? vasu: without a doubt. the two markets you mentioned are the ones seeing the benefits of outflows from china so the japanese stock market has and it's really well and so has indiana think that the other markets -- they have not done as well but they could play catch-up. especially once the fed starts coming rates and investors turn more risk-on and risk appetite improves. southeast asian markets. there is more room for upside in some of these markets. proxima talk a litt

if you look at what xi jin ping said last i look at what xi jin ping said last year at the npc, he madety and development and it's really that struggle between leading economic forces and free market forces drive innovation and drive economic growth versus control. and i think xijin ping is very concerned about maintaining control. the new catchphrase is, stability is the requisite for development and asperity. so i think the message is going to be clear that economic development is dependent on the party's confidence in itself and the security it can guarantee for itself, so economic development is going to be placed in a second priority tear over security of the party itself. 50 priority tear over security of the party itself-— party itself. so let's talk about the economy _ party itself. so let's talk about the economy then. _ party itself. so let's talk about the economy then. of - party itself. so let's talk about the economy then. of the - party itself. so let's talk about l the economy then. of the target party itself. so let's talk about - the economy then. of the target was 75%

rout, to address that stockmarket rapper, to address deflation, and also the number put forward by the npceate 12 million jobs and a focus on youth unemployment, i am wondering where those jobs are going to come from. there are certain bright sectors, of course, like cleantech and electronics to support the cleantech revolution. the ev's. i think it will focus on that going forward. haidi: you talk about china's role as a cls provider of low-cost and increasingly high-quality cleantech that alongside with beijing's clear priorities to invest in tech including ai as a key priority but then also washington's efforts to try to curtail not the ultimate achievement, but certainly, to try and slow china down. do you think that will be successful or will it create a bifurcated set of markets? alexis: it's a great question. here is where you callout and what is important to note is to what extent are the elements of the cleantech space deemed to be of national security and, therefore, of concern by certain governments? we have seen that play out with regard to europe and looking to china's role in

. >> that was npc matt bradley in nbc matt bratly. >>> the power of the court.he supreme court this year can either help uphold democracy or help the man and the movement that are trying to push us closer to a to being say. i am charles coleman jr. and velshi will be right back on msnbc. be right back on msnbc. here's to getting better with age. here's to beating these two every thursday. help fuel today with boost high protein, complete nutrition you need... ...without the stuff you don't. so, here's to now. boost. with nurtec odt, i can treat a migraine when it strikes and prevent migraine attacks, all in one. don't take if allergic to nurtec. allergic reactions can occur, even days after using. most common side effects were nausea, indigestion, and stomach pain. ask about nurtec odt. >>> welcome back. you are watching velshi and i am charles coleman jr. in for ali. the supreme court often weighs in on the electoral process and settled questions and issues like voting rights and gerrymandering but it's exceedingly rare for them to be directly involved in settl

but this -- this guy this guy's not a real person he's a glitching npc from a video game he makes lessn a [ bleep ] sim. if you put four walls around him without a door, he'd just forget to eat and pass out. [ laughter ] soon we're going to see him at a rally just running head-first into a wall. [ laughter ] a million dollars? that cost us a million dollars [ laughter ] a lot of talk about how that graphic was going to look today, guys [ laughter ] and i think -- i think the - [ laughter ] the verdict's in the republican party is coalescing around this deeply unpopular weirdo after his only remaining gop rival, nikki haley, dropped out today now, just days ago, haley made news by insisting she wasn't bound by a previous pledge to support trump in november. >> you did sign a pledge, an rnc pledge, to support the eventual nominee. do you still feel bound by that pledge >> i have always said that i have serious concerns about donald trump i have even more concerns about joe biden. >> so is that a no you're no longer bound by that pledge >> no, i think i'll make what decision i want to mak

>> the centerpiece piece of the npc every year was a question by the press to put questions to china's and for the rest of the world to hear from their own mouth what the outlook for china is. this year the press conference has been canceled. the chinese government has made clear they will run this press conference during the remainder of the current government term. you have to say from the outside looking in, that is a curious step. you could say a retrograde step for a government under a lot of scrutiny from overseas investors. there is a domestic angle as well. some china watchers making the point it is another example of the premier losing his status and all of the power going to xi jinping. no press conference from the premier this year. it does leave a hole in china's economic calendar. annmarie: the past few months we thaw -- the past few months we saw china go through the shortest term for a defense minister, for a foreign minister. any updates on these political position? enda: we know some have been shuffled out of their positions by now. we will get more detail this week. o