Just a reminder that China's National.........>

CHINA: Just a reminder that China's National People's Congress (NPC) gets

underway today and is set to conclude on May 28.

- The big question is what to expect in terms of the GDP growth target. The

short answer to this is that nobody really knows. Most expect the single year

growth target to be shelved, with most looking for a more qualitative goal or a

multi-year target.

- On the fiscal front, most look for the fiscal ratio to be set above the long

observed red line of 3.0%, as consensus seemingly points to something in the

region of 3.5%. There will also be a focus on special bond issuance

announcements and quotas, with China set to increase its push re: infrastructure

investment.

- Elsewhere, expect employment and poverty alleviation to feature heavily in the

rhetoric over the coming days.