China and U.S. Agree to Hold Dialogue in Beijing: NPC Update

(Bloomberg) -- China's Vice Foreign Minister Zhang Yesui, spokesman for the National People's Congress, held a press conference Sunday, a day before the opening session of the annual legislative meetings. During the two-week session, the rubber-stamp parliament is expected to enact sweeping changes that would allow President Xi Jinping to rule indefinitely and give him greater control over the levers of money and power. The agenda also includes creation of a powerful new agency to police officials and possibly approving the biggest regulatory overhaul of the $43 trillion finance-and-insurance sector in 15 years.

On Saturday, delegates from the top political advisory body, the Chinese People's Political Consultative Congress, opened their sessions, which runs concurrently with the NPC.

We follow developments here. Time stamps are Beijing:

New Law to Protect Foreign Investment (1:26 p.m.)

China will consolidate three previous laws as it drafts new legislation aimed at promoting and protecting foreign investment, Zhang Yesui, spokesman for the National People's Congress, said at a briefing before the session starts on Monday. He said China will create a transparent, stable and predictable environment while widening market entry for foreign investors.

Term Limit End Upholds Party Authority: (1:18 p.m)

Vice Foreign Minister Zhang Yesui, who is the National People's Congress spokesman, sidestepped a question at the legislature's opening news conference about whether Xi would stay on “forever.” Zhang said repealing term limits was necessary to preserve unified leadership, since Xi's other two titles -- party leader and military chief -- don't face similar restrictions. “It is conducive to upholding the authority of Central Committee of the Communist Party, with Xi Jinping at its core,” Zhang said.

See full story: Trump Calls China's Xi ‘President for Life' at Fundraiser

Briefing Doesn't Disclose Defense Spending Rise (12:40 p.m.)

Spokesman Zhang Yesui didn't disclose China's planned defense spending increase for this year during a briefing before the session starts Monday. By custom, officials have provided either the percentage increase or an expected range at the pre-NPC briefing. Last year, the spokeswoman announced a defense spending increase of about 7 percent.

China, U.S. Agree to Dialogue in Beijing (12:27 pm)

The two nations agree to continue dialogue in Beijing, Zhang Yesui said at a briefing, without giving a timetable or names of officials to attend. Zhang said China will not allow its interests to be harmed and doesn't want a trade war, adding the U.S. and China must understand each other's strategic interests.

For more, read: Xi's Top Aide Calls for Collaboration on U.S. Trade

China's Annual NPC Session to End March 20 (11:35 a.m.)

The annual meeting of the national legislature, which begins on Monday, will close March 20, said Zhang Yesui, spokesman for the National People's Congress. He said the newly elected premier will host a press conference on the final day, with the vice premiers also present.

--With assistance from Dandan Li and Peter Martin

To contact Bloomberg News staff for this story: Ken Wills in Beijing at kwills3@bloomberg.net.

To contact the editors responsible for this story: John Liu at jliu42@bloomberg.net, Ken Wills, John McCluskey

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With assistance from Ken Wills