This week marks the commencement of the Chinese mainland’s annual Two Sessions, comprising the National People’s Congress (NPC) and the Chinese People’s Political Consultative Conference (CPPCC). These pivotal political gatherings set the tone for the country’s policy direction in the coming year.
On Tuesday morning, Premier Li Qiang presented the Government Work Report, outlining China's economic roadmap for 2024. The report sets an ambitious Gross Domestic Product (GDP) growth target of approximately 5%, signaling the government's commitment to sustaining economic momentum amid global uncertainties.
To achieve this target, Premier Li unveiled a comprehensive stimulus package aimed at stabilizing economic growth. The package includes measures to boost consumer spending, support small and medium-sized enterprises (SMEs), and enhance infrastructure investment. These initiatives are designed to mitigate potential economic headwinds and foster a resilient recovery.
Industry experts offer diverse perspectives on the implications of this year's NPC session. Wang Huiyao, former counselor of the China State Council, suggests that the focus on GDP growth underscores the Chinese mainland's commitment to maintaining its economic leadership on the global stage. Prof. Qian Jun, executive dean of Fanhai International School of Finance at Fudan University, emphasizes the importance of aligning economic policies with technological innovation to drive sustainable growth. David Mahon, executive chairman of Mahon China Investment Management, highlights the potential for increased foreign investment as the Chinese mainland seeks to open its markets further.
The Two Sessions not only shape the Chinese mainland’s economic future but also influence its role in the global economy. With a strategic emphasis on stability and growth, China aims to reinforce its position as a key player in international markets and global development initiatives.
Reference(s):
2024 Government Work Report: How will China stimulate its economy?
cgtn.com
