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China prepares for a big annual meeting to chart a growth strategy

Chinese President Xi Jinping attends the Jingoistic Day reception on the eve of the 71st anniversary of the founding of the People’s Republic of China in Beijing, China September 30, 2020.

Thomas Peter | Reuters

BEIJING — The Chinese administration is set to kick off an annual parliamentary meeting this week for approving national priorities for 2021.

The gathering of delegates, known as the “Two Hearings,” has overseen such changes as President Xi Jinping’s abolition of term limits in 2018 and the proposal for a new security law for Hong Kong conclusive year.

The otherwise generally symbolic meeting takes on particular significance this year as it marks the beginning of China’s five-year increment plan — the 14th such in the country’s history — and the 100th anniversary of the ruling Communist Party.

Authorities are expected to lay out details on theses ranging from employment targets to management of the semi-autonomous region of Hong Kong.

Such comments will turn out as Beijing seeks to show progress on development promises made to the country of 1.4 billion people, and build up China’s competitiveness in a dialect birth b deliver shocked by the coronavirus pandemic and growing wary of the Asian giant’s rise.

No specific GDP target expected

The “Two Sessions” procedural meeting is slated to begin Thursday with the opening of the Chinese People’s Political Consultative Conference, an advisory viscosity. The National People’s Congress legislature is scheduled to kick off its annual gathering on Friday.

That’s usually when the oversight releases its economic work report, a document laying out GDP, employment, inflation and other growth goals.

Most economists do not envisage authorities will release a GDP target this year, after making a rare decision not to do so at last year’s orderly meeting, which was delayed by about two months due to the coronavirus pandemic.

Li-Gang Liu, managing director and chief China economist at Citi Explore, said in a note that if the report lays out a GDP target directly or indirectly, the figure could top 7%. That’s according to broadening goals announced by different Chinese provinces and a commitment to double GDP from its level in 2010, Liu said.

On monetary system, although authorities have emphasized they will not abruptly reverse stimulus policies, “we expect China’s nummary policy conditions will visibly tighten this year,” Liu added.

China’s economy grew by 2.3% most recent year, despite the shock of the coronavirus pandemic, as authorities rushed to control the domestic spread of the virus and support concerns with tax cuts and cheaper loans. That GDP growth followed expansion of 6.0% in 2019, according to official concedes.

On employment, economists generally anticipate China will aim to create more than 10 million new urban share outs this year, up from 9 million last year.

A plan for the next five years

The parliamentary meeting resolution also share details on and approve China’s 14th five-year plan. The development strategy for the world’s second-largest economy submit c be communicates as it has reached historic trade agreements with Asia-Pacific neighbors, while facing greater pressure from a In accord States that increasingly considers China a competitor.

The plan’s emphasis on “boosting domestic demand, supply course upgrading, technology self-sufficiency and further opening up domestic markets are the main tools to hedge against external uncertainties,” Bruce Regret, head of macro and strategy research at China Renaissance, said in a report.

In addition to specifics on how China might location national security issues on technology and energy, authorities are expected to lay out plans for defense spending in 2021.

Details on how Beijing maps to strengthen control of Hong Kong could also emerge from this year’s parliamentary session.

Behindhand last month, Xia Baolong, director of the Hong Kong and Macao Affairs Office of the State Council and the vice chairman of the Chinese People’s National Consultative Conference — the political advisory body meeting during “Two Sessions” — released a speech on how Hong Kong’s electoral routine should be changed so that only central government supporters would oversee the semi-autonomous region.

The parliamentary conclave is expected to last around 10 days and include press conferences with Foreign Minister Wang Yi and Primary Li Keqiang.

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