BEIJING (AFP) – China’s leadership is confident the economy will improve, an official said yesterday, ahead of a key political meeting in which Beijing is expected to unveil one of its most pessimistic growth targets in years.
Armed police and public security workers are ubiquitous on Beijing streets as thousands of delegates descend on the capital for the annual political conclave known as the “Two Sessions”.
Front and centre at the meetings will be China’s economy, which last year posted some of its lowest growth in decades and is battling a prolonged property sector crisis and soaring youth unemployment.
Today’s opening of the National People’s Congress (NPC) is expected to see Premier Li Qiang announce that growth in 2024 will stay largely flat, at around five per cent.
But at a press conference yesterday, NPC spokesperson Lou Qinjian struck a bullish tone.
China’s leaders, he said, had “ample confidence” that the economy would rebound, adding the country has “more favourable conditions than challenges in its economic development”.
“The underlying trend of a rebound in the economy and long-term growth remains unchanged.”
But in a break with decades-long tradition, he said Premier Li would not be holding a press conference at the end of the NPC meeting next Monday. There was also no mention of a press conference with the foreign minister – currently Wang Yi – which normally takes place a few days into the NPC meeting.
Lou yesterday also addressed China’s hope for this year’s presidential election in the United States, with which it has clashed in recent years. “No matter who becomes the president, we hope that the United States can work in the same direction with China and work for a stable, healthy and sustainable China-US relationship,” he said.
FOCUS ON ECONOMY
China’s “Two Sessions” officially kicked off yesterday with the opening ceremony of the Chinese People’s Political Consultative Conference (CPPCC) – attended by President Xi Jinping and other party top brass – which will last until March 10.
Yesterday’s CPPCC is relatively low-stakes compared with the near-simultaneous gathering of the NPC.
At a press conference on Sunday, CPPCC spokesperson Liu Jieyi said that “economic topics” would be “of great concern” to the body’s more than two thousand members.
This week’s meetings are not expected to see the unveiling of big-ticket bailouts that experts say are needed to stimulate China’s economy.
Beijing is also set to double down on national security, with analysts expecting it to increase its military budget, second only to the US.
China revised a law dramatically expanding its definition of espionage last year and conducted raids on a string of big-name consulting, research and due diligence firms.
The legislature’s top body also approved a broad and vaguely worded revision to the country’s state secrets law in the run-up to the NPC meeting.
