The declining population and the lacklustre success of the dual-circulation policy are an indication that what China needs to bounce back is a major shift in the growth model.
Author
Gunjan Singh, Assistant Professor, Jindal Global Law School, O.P. Jindal Global University, Sonipat, Haryana, India.
Summary
The 14th National People’s Congress (NPC) of the Chinese government began on March 5, and will end on March 11. This is also called the ‘two sessions’ where China’s top legislative body and advisory body meet. The NPC is the annual gathering, and is the platform where the Chinese government unveils its policies and plans for the upcoming year.
Premier Li Qiang presented his first annual report under the strong shadow of geopolitical challenges and a slowdown plaguing the Chinese economy. The annual report is crucial to understand Beijing’s focus for the coming year. As per the 2024 annual report presented by Li, the growth target for 2025 for the $18 trillion economy is expected to be ~5 per cent. No set number has been announced, indicating the uncertainty that shadows Chinese economic recovery. Li also announced that the government wants to control inflation at ~3 per cent, while it also targets to create 12 million jobs and keep the unemployment rate to 5.5 per cent.
The report did discuss the external environment as one of the major hurdles in the path of Chinese economic recovery. It highlighted that “globally, the economic recovery was sluggish. Geopolitical conflicts became more acute, protectionism and unilateralism were on the rise, and the external environment exerted a more adverse impact on China’s development”. However, there has been a break from the norm this year as for the first time since 1993 the Premier is not scheduled to hold an independent press conference at the end of the NPC.
Published in: Deccan Herald
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