China’s Two Sessions 2024
The 2024 Two Sessions, China's most significant concurrent annual political meetings, are held from 4 to 11 March. This pivotal event brings together the 14th National People’s Congress (NPC) and the 14th Committee of the Chinese People’s Political Consultative Conference (CPPCC) in two parallel meetings, on March 5 and 4 respectively, to outline the government's policy and economic blueprint for the year 2024. The CPPCC serves as an advisory group, while the 3,000-member NPC acts as the legislative arm of the CCP, often regarded as a rubber stamp parliament.
During the Two Sessions, Premier Li Qiang's presentation of the Government Work Report (GWR) is a significant aspect, outlining China's economic and social development plans and reviewing past achievements to establish objectives for 2024. A key component of the GWR involves setting the annual Gross Domestic Product (GDP) growth target. In January 2024, regional governments set their growth targets for the year 2024 at an average of 5.4 per cent, indicating the focus on economic growth. Typically, the national GDP growth target is set slightly lower than the average target of the provinces.
The emphasis of the 2024 Two Sessions on high-quality development and the enhancement of new productive forces, key economic concepts widely used in 2023, highlights the focus on innovation-driven growth strategies over extensive stimulus measures. This approach, coupled with efforts to boost domestic demand and improve the business environment, aims to attract more foreign investment and revitalize trade. However, the challenge lies in navigating the nuanced regulatory environment, particularly in light of measures aimed at enhancing national security and the regulatory framework for foreign businesses.
The 2024 Two Sessions in China are held over a duration of eight days, with 2024’s NPC session condensed to seven days. The concurrent meetings gather around 5,000 delegates in Beijing’s Great Hall of the People. Growth targets, key policies, and leadership changes announced during the Two Sessions can have an impact on international companies operating in China. As the government aims to boost growth while maintaining security, it's crucial for businesses and investors to be aware of the decisions made. The focus on technology, innovation, and market changes brings both obstacles and possibilities for companies within China and abroad.