Skip to main content
Back

Key takeaways from Chinese mainland NPC meeting

13 March 2026

The annual meeting of Chinese mainland’s National People’s Congress (NPC) is concluding this week. The China equity team shares its latest views on key policy developments and analyses the main growth engines supporting high‑quality growth.

In terms of fiscal and monetary policies, the announcement for the Chinese mainland’s 15th Five-Year Plan is largely in line with our expectations. Despite a lower GDP growth target (between 4.5%-5%), the Chinese mainland has been very proactive in rolling out fiscal policies since the beginning of 2026 – e.g., announcing infrastructure projects and consumption programs year-to-date. Also, the Chinese mainland is looking to boost domestic demand, with a keen focus on domestic consumption, technology advancement and advanced manufacturing.

 

Download full PDF

  • Asset allocation views on SpaceX IPO, Reopening of Strait of Hormuz, and the BOJ rate hike

    The Multi Asset Solutions Team (MAST) provides asset allocation views on three recent developments that could influence markets in different ways: the SpaceX Initial Public Offerings (IPO), the reopening of the Strait of Hormuz, and the Bank of Japan’s (BOJ) rate hike. In our view, these events create mixed signals across growth, inflation and liquidity. Overall, the backdrop still appears uneven, and this may support a measured and selective approach to asset allocation rather than a broad increase in risk.

    Read more
  • China Fixed Income: From deflation to reflation: what comes next?

    After a prolonged period of deflation, China’s economy is turning the corner towards inflation. In this investment note, the China Fixed Income team analyses why this reflationary transition is important for China bonds and offers implications for investors in government policy, rates, and the renminbi.
    Read more
  • Not another bubble: How semiconductors are powering a real future

    Semiconductors sit behind almost every modern experience – from smartphones and cars to cloud computing and today’s AI tools – yet they remain largely invisible to most people. They are more than chips only, and the demand is being supported by several long-term forces. We believe that today’s semiconductor excitement is not a repeat of the dot-com bubble, as investment is tied to real infrastructure and revenue-generating services. And the opportunity is broader than a handful of headline AI names.

    Read more
See all
  • Asset allocation views on SpaceX IPO, Reopening of Strait of Hormuz, and the BOJ rate hike

    The Multi Asset Solutions Team (MAST) provides asset allocation views on three recent developments that could influence markets in different ways: the SpaceX Initial Public Offerings (IPO), the reopening of the Strait of Hormuz, and the Bank of Japan’s (BOJ) rate hike. In our view, these events create mixed signals across growth, inflation and liquidity. Overall, the backdrop still appears uneven, and this may support a measured and selective approach to asset allocation rather than a broad increase in risk.

    Read more
  • China Fixed Income: From deflation to reflation: what comes next?

    After a prolonged period of deflation, China’s economy is turning the corner towards inflation. In this investment note, the China Fixed Income team analyses why this reflationary transition is important for China bonds and offers implications for investors in government policy, rates, and the renminbi.
    Read more
  • Not another bubble: How semiconductors are powering a real future

    Semiconductors sit behind almost every modern experience – from smartphones and cars to cloud computing and today’s AI tools – yet they remain largely invisible to most people. They are more than chips only, and the demand is being supported by several long-term forces. We believe that today’s semiconductor excitement is not a repeat of the dot-com bubble, as investment is tied to real infrastructure and revenue-generating services. And the opportunity is broader than a handful of headline AI names.

    Read more
See all
Important notice

With effect from 2 July 2026, the Customer Service Centre of Manulife Investment Management (Hong Kong) Limited is relocated to 23/F., Manulife Tower, One Bay East, 83 Hoi Bun Road, Kwun Tong, Kowloon.  This centre provides customer services in relation to Manulife InvestChoice Accounts, Manulife Advanced Fund SFC, Manulife Global Fund and Manulife Hong Kong Series.  Please call Customer Contact Centre at 2108 1110 to make an appointment prior to your visit.  

View more