China kicked off its "Two Sessions" annual meeting where Beijing's politicians will gather to discuss various issues, the primary of this particular event is expected to be the country's lagging economy.
The meeting will involve the National People's Congress (NPC) as well as the Chinese People's Political Consultative Conference (CPPCC). The annual gathering will bring together the Asian nation's political elite as well as various leaders in business, tech, media, and the arts.
China's Two Sessions Annual Gathering
The concurrent meetings, which are known as lianghui in Chinese, are an annual event in the country's legislative agenda and run for roughly two weeks. During that period, legislators will work to approve new laws, political appointments, and government work reports that detail the progress of various departments such as the Ministry of Finance and the National Development and Reform Commission.
During the Two Sessions meeting last year, delegates officially approved Chinese President Xi Jinping for an unprecedented third term as the leader of the nation. The event this year is likely to be dominated by China's lagging economy, which is struggling with slowing growth, deflation, massive debt, and falling exports, as per Aljazeera.
One of the most important events to observe will be Premier Li Qiang's delivery of the annual work report. It would review the Chinese government's accomplishments and set goals for this year.
The premier is expected to set an economic growth target of roughly 5% for 2024 and also discuss headline issues from China's falling birth rate to the future of tech and artificial intelligence (AI) regulation in the Asian nation.
Over the past year, 11 members of the NPC's Standing Committee, which is the legislature's 175-member permanent body, have been removed. The individuals affected included Minister of Foreign Affairs Qin Gang and Minister of Defense Li Shangfu.
Addressing Various Economical Issues
Another agenda for Xi during the annual gathering would be to project confidence as his top Communist Party officials meet. The largely ceremonial gathering is taking on heightened importance this year amid the various issues that the Asian nation is facing, according to CNN.
The Chinese president is currently under the spotlight as economic pain has sparked growing frustration within his country. An expected post-COVID recovery has yet to fully materialize, young people are struggling to find work, investors are grappling with market losses, and small business owners are fighting to stay afloat.
The various challenges may not pose a direct threat to Xi but how his team addresses such concerns could have implications not only for the future of China but the global economy as a whole.
In a statement, a senior research fellow at the National University of Singapore's East Asian Institute, Chen Gang, said that the Chinese government wants to use the meeting to send signals that Beijing's economy is generally okay and is on the right path.
In 2023, China's gross domestic product grew by 5.2% but overall recovery from the COVID-19 pandemic was slower than what many expected. In December last year, Beijing signaled that any new policy support would be "appropriate," said CNBC.
