Beijing decided to postpone the annual meeting of the National People’s Congress (NPC) this afternoon due to the outbreak. We hold the view that it is likely to be held in late March with about two weeks delay, and there is a small chance that it will be delayed into April (See: Expect More Delays to Restoring Business). The healthcare system would certainly be a top priority for discussion at this year’s NPC annual meeting.
Chinese government is putting more focus on restoring business operations, but the policy responses still fall short of expectations. The impact is going to be increasingly felt in the rest of Asia, and this time, countries will need to come up with their own measures to support the economy rather than waiting for Beijing to bail them out.