Two Sessions refers to China’s biggest annual parliamentary meetings, where the two main political bodies of China, the National People’s Congress (NPC) and the National Committee of the Chinese People’s Political Consultative Conference (CPPCC) reveal plans for China’s policies involving the economy, military, trade, diplomacy, the environment and more.
This year’s event will be the first after China dropped its three-year-old COVID-19 restrictions. It will see a major reshuffle of top government jobs including the premier. President Xi Jinping, who just secured a ground-breaking third term as party’s leader, is set to secure a third presidential term at the two sessions too.
Here are the key highlights of the 2023 Two Sessions which began at the Great Hall of the People in Beijing on March the 4th, 2023.
1. Li Keqiang bows out as Premier
After ten years in office, Li Keqiang bows out as Premier of China after delivering the annual government report unveiling the 2023 economic growth target, among many other social and economic objectives.
In his report, Li emphasized the need to prioritise economic stability and pursue progress while ensuring stability.
2. 2022 Economic Review
The annual report as presented by Li shows that for the year 2022, China experienced:
-A GDP growth rate of 3%
-A fall in urban unemployment to 5.5%
-An increase in Consumer Price Index by 2%
-An increase in trade volume for goods by 7.7%
-Deficit to GDP ratio of 2.8%
3. 2023 Development Outlook
From the report presented, China’s developmental targets for 2023 include:
-GDP Growth rate of around 5%
-Creation of around 12 million new urban jobs
-Surveyed urban unemployment rate of around 5.5%
-Consumer price increase of around 3%
-An increase in military budget by 7.2%
4. More autonomy for Hong Kong and Macau
Another major highlight of this year’s gathering is the resolution to uphold the constitutional order in Hong Kong and Macau and faithfully implement the policy of one country, two systems under which the people of Hong Kong administer Hong Kong and the people of Macau administer Macau both with a high degree of autonomy.
5. New Cabinet
Following his re-election as the general secretary of the Communist Party of China in October, President Xi Jinping is expected to secure his third five-year term as president when legislators vote on March 10. The parliament is also expected to name former Shanghai party chief, Li Qiang as new Premier for the next five years and decide on a new batch of vice premiers, state councillors, ministers as well as the governor of the People’s Bank of China.
