The 2024 session of China's legislature, the National People's Congress, commences this week with a primary focus on the country's economy. The ruling Communist Party faces the challenge of revitalizing an economy strained by increased government controls and the recent real-estate market downturn.
While various topics are expected to be discussed during the congress, including proposals to raise the retirement age and the defense budget, the economy remains the central concern for many Chinese citizens. The post-COVID economic recovery has not met expectations, leading to a sense of uncertainty among the population.
Although the National People's Congress is largely symbolic and lacks legislative power, it serves as a platform for deputies to propose and debate ideas. However, experts note that decision-making power has become increasingly centralized under Chinese leader Xi Jinping, diminishing the congress's role in governance.
The congress will begin with Premier Li Qiang presenting a comprehensive work report that will review the past year and outline the government's economic growth target for the current year. Analysts anticipate a growth target similar to last year's 'around 5%,' signaling moderate economic stimulus measures to boost confidence among consumers and investors.
Furthermore, the appointment of a new foreign minister is anticipated during the congress, with speculation surrounding potential candidates such as Liu Jianchao and Ma Zhaoxu. The decision is expected to reflect the preferences of Xi Jinping and the current foreign minister, Wang Yi.
Overall, the 2024 National People's Congress is poised to provide insights into China's economic policies and potential leadership changes, offering a glimpse into the country's future direction.
