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China’s National People’s Congress is scheduled to open Thursday; analysts expecting a GDP growth target near 4.5%, down from the previous 5% target.
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China’s National People’s Congress is scheduled to open Thursday; analysts expecting a GDP growth target near 4.5%, down from the previous 5% target.
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China's National People's Congress dossier
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Beijing
China’s National People’s Congress is scheduled to open Thursday; analysts expecting a GDP growth target near 4.5%, down from the previous 5% target.
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Chronology
Off Leash update 2 March COMING UP THIS WEEK •China's National People's Congress - a rubber-stamp parliament - opens its annual meeting Thursday. Analysts expect it to set a slightly lower GDP growth than last year's target: perhaps 4.5% instead of 5.0%. •The Winter Paralympics start Friday in Milan and Cortina d'Ampezzo, Italy. •Colombia votes for its parliament Sunday, which is also International Women's Day and the beginning of Daylight Savings Time in the U.S. (but not in Europe, where clocks change Mar. 29). COMMODITY AND COIN MARKET PRICES •Aluminum: $3,140/ton •Antimony (trioxide min. 99.65% fob China): $30,950/ton •Bitcoin: $66,223 •Cobalt: $56,290/ton •Copper: $13,344/ton •Ethereum: $1,951 •Gold: $5,392/toz •Lead: $1,962/ton •Natural Gas (Nymex): $3.01/MMbtu •WTI Crude Oil (Nymex): $72.21/barrel - Some analysts expect this to rise to $85-90 when markets open today because of Iran's naval blockade of the Strait of Hormuz following U.S. and Israeli strikes over the weekend. •Zinc: $3,317/ton IRAN •The U.S. and Israel bombed Iran on Saturday morning, targeting a daytime gathering of senior Iranian figures - including Supreme Leader Ayatollah Khamenei - in some of their opening strikes. •Iranian state media confirmed early rumors that Khamenei was killed in the strikes. Many Iranians cheered his death and the end of his 37-year theocratic reign; others - largely religious ultraconservatives - mourned his loss. •The regime announced 40 days of mourning and said the constitutionally-defined process of appointing his successor would begin immediately and could anoint the next Ayatollah within days. •Candidates include his son, Mojtaba; his loyal aide, Ali Larijani; and several hardline clerics. Whoever is picked will immediately have a target on their back. That said, all the top candidates probably already do: Israeli Prime Minister Netanyahu said his military has "thousands more targets" in its sights. •The Islamic Revolutionary Guard Corps (IRGC) vowed to avenge Khamenei's death, but much of the IRGC's leadership - including its top commander - died with him. •The decapitated IRGC still retaliated by launching ballistic missiles at Israel and several countries in the region that host U.S. military bases. Most were easily intercepted, but some caused damage and a few caused casualties - including the deaths of three U.S. soldiers. •The ongoing exchange of fire has caused widespread flight cancellations, and both sides seem bent on further escalation. In particular, Iran's navy is reportedly carrying out the IRGC's threat to choke off shipping in the vital waterway, through which 31% of all seaborne crude oil passes. •In a social media post, Pres. Trump called on Iranians to finish the job: "When we are finished, take over your government." It's not clear whether the battered, unarmed, and disorganized opposition will heed his call to rise up, but leaving the hard part to them lets Trump avoid sending ground troops into what could become another Middle Eastern quagmire. LEBANON •Iran's strongest remaining proxy, Hezbollah, then joined Iran's side by lobbing missiles towards Israel from Lebanon. Israel promptly retaliated with a barrage of airstrikes on Hezbollah areas in Lebanon. •Israel's quick, decisive action against Hezbollah was embarrassing for the Lebanese government, which promised Israel it would rein in the militia as a condition of their Nov. 2024 ceasefire, but has made little progress doing so out of fears of a confrontation that the weak Lebanese army might lose. UKRAINE •Ukrainian officials said Russia had agreed to some facets of the post-war security guarantees the U.S. proposed. The two sides still need to resolve the other sticking point of land trades, and Moscow could still renege on its pinky promise on security guarantees. PAKISTAN AND AFGHANISTAN •Afghanistan's Taliban government said its military fired anti-aircraft missiles that successfully deterred Pakistani jets threatening Bagram Air Base. •Bagram holds significant symbolic importance for the Taliban: the captured U.S. base holds Afghanistan's largest runway and hosts annual military parades each year on the anniversary of the Taliban's return to power. •Its destruction would be a much bigger loss for the Taliban than the small ammunition depots Pakistan targeted in its first wave of cross-border strikes last week. VENEZUELA •Venezuela's opposition leader, Maria Corina Machado, announced in a social media post that she plans to return to her home country in the coming weeks. •Machado left Venezuela in December to attend the Nobel award ceremony in Oslo, where she collected her Nobel Peace Prize. •Before she left, Nicolas Maduro's government charged her with a litany of crimes and ominously warned that she wouldn't be allowed to return if she left. •Maduro's former vice president and successor, Interim President Delcy Rodriguez, may only be slightly more lenient on her: Rodriguez recently said Machado will have to "answer to Venezuela" for advocating for U.S. military intervention in Caracas.
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