The ‘Two Sessions’, China’s largest annual legislative meeting, 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), unveil the country’s policy plans for the year, commenced at the Great Hall of the People in Beijing on March 4th, 2024.
Here are the key takeaways from this year’s ‘Two Sessions’ work report as presented by Premier Li Qiang:
1. GDP growth rate target set at 5%.
2. Aim to create 12 million new urban jobs with an unemployment rate target of 5.5%.
3. A 7.2% increase in the military budget to 1.66 trillion yuan.
4. Planned issuance of 1 trillion yuan ($139 billion) in special government bonds.
5. Deficit-to-GDP ratio capped at 3%.
6. Grain output of over 650 million tonnes and
7. Reducing energy consumption per unit of GDP by about 2.5 per cent.
8. Government deficit expected to increase by 180 billion yuan.
Acknowledging the “multiple challenges” confronting the economy, Li stated that Beijing would forge ahead with efforts to “transform the growth model” through tax reform, nurturing tech talent, boosting domestic consumption, and eliminating barriers to private investment.
