China’s annual National People’s Congress, a significant political event, signals the priorities of the government for the coming year and disseminates instructions to party members. This year’s focus remains on fostering innovation and boosting domestic consumption to reinvigorate the economy, despite challenges such as a trade war with the U.S. and a sluggish real estate sector. Premier Li Qiang is expected to announce an economic growth target of around 5%, with a focus on increasing domestic demand, promoting innovation, and supporting the private sector.
The government is also expected to deliberate on creating a fairer business environment for the private sector and is likely to stay the course on pushing for innovation to increase self-reliance. The Congress will also address foreign policy, focusing on U.S.-China relations under President Trump and China’s stance on the Ukraine war. The Congress, made up of nearly 3,000 delegates, functions as a rubber-stamp parliament that formally endorses decisions made by Communist Party leaders. While the Congress lacks real legislative power, it provides insight into the government’s priorities and goals for the future.
Analysts are not expecting major policy shifts at this year’s event, with the focus remaining on industrial policy and technological development to bolster China’s geopolitical standing. The Chinese People’s Political Consultative Conference will also meet concurrently with the National People’s Congress to discuss a wide range of advisory topics. The Two Sessions offer a rare glimpse into the central government’s strategic direction and future policy decisions.
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