{"id":107939,"date":"2021-02-25T05:07:18","date_gmt":"2021-02-25T05:07:18","guid":{"rendered":"https:\/\/fin2me.com\/?p=107939"},"modified":"2021-02-25T05:07:18","modified_gmt":"2021-02-25T05:07:18","slug":"explainer-what-to-expect-from-chinas-annual-meeting-of-parliament","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/explainer-what-to-expect-from-chinas-annual-meeting-of-parliament\/","title":{"rendered":"Explainer: What to expect from China's annual meeting of parliament"},"content":{"rendered":"

BEIJING (Reuters) – Thousands of delegates from across the country will gather in Beijing next week for the annual meeting of parliament, where China will announce goals for 2021 as well as its next five-year plan for economic development.<\/p>

FILE PHOTO: Chinese officials and delegates attend the closing session of the National People’s Congress (NPC) at the Great Hall of the People in Beijing, China May 28, 2020. REUTERS\/Carlos Garcia Rawlins<\/figcaption>

Here\u2019s what to expect:<\/p>\n

WHAT ARE THE \u2018TWO SESSIONS\u2019?<\/p>\n

The annual meetings of the National People\u2019s Congress (NPC), China\u2019s rubber-stamp parliament, and the Chinese People\u2019s Political Consultative Conference (CPPCC), are known as the \u201ctwo sessions.\u201d<\/p>\n

The NPC is expected to sit for about a week, beginning on March 5. The CPPCC, a largely ceremonial advisory body, runs in parallel.<\/p>\n

The events typically draw a combined 5,000 delegates and will be held under strict COVID-19 controls. Last year\u2019s meetings were delayed to May because of the coronavirus.<\/p>\n

Among the most-watched parts of the agenda are the presentation of an annual work report for 2021, and the release of China\u2019s 14th five-year plan, expected to include hundreds of pages spelling out priorities for the world\u2019s second-largest economy up to 2025.<\/p>\n

Votes for new laws at the NPC follow the ruling Communist Party\u2019s wishes and generally pass by overwhelming majority, but delegates have sometimes departed from the party line to vent frustrations over issues such as corruption and crime.<\/p>\n

All citizens older than 18 are technically allowed to be elected to the NPC via votes through lower-level bodies, but most delegates are hand-picked by local officials.<\/p>\n

Typically, Premier Li Keqiang and the government\u2019s top diplomat, State Councillor Wang Yi, hold news conferences.<\/p>\n

WHAT WILL BE ANNOUNCED IN THE WORK REPORT?<\/h2>\n

China usually announces its yearly GDP growth target, although last year it did not because of economic uncertainties caused by COVID-19.<\/p>\n

Policy sources have told Reuters there will again be no target this year, although analysts expect growth may top 8% amid a strong recovery from last year\u2019s coronavirus-induced slump.<\/p>\n

Targets for inflation, job creation, the budget deficit and local government bond issuance for 2021 are expected.<\/p>\n

China also typically includes a projection for growth in defence spending. Last year it was 6.6%, the lowest in three decades, although an improving domestic economy and rising tensions, including over Taiwan, are expected by many analysts to spur accelerated growth this year.<\/p>\n

The NPC is expected to consider changes to Hong Kong\u2019s electoral system to ensure only pro-Beijing \u201cpatriots\u201d are governing. Last year, a month after hinting at national security legislation at the NPC, Beijing unveiled a tough national security law in response to months of anti-government protests in the city.<\/p>\n

WHAT ABOUT THE 14TH FIVE-YEAR PLAN?<\/h2>\n

A draft of China\u2019s blueprint for economic and social development from 2021 to 2025 will also be made public, which analysts expect to be a vision of a greener, more innovative economy that is less dependent on the wider world.<\/p>\n

The document will set broad goals for growth, environmental protection, technological development, and living standards, to be fleshed out through more specific plans released later.<\/p>\n

An average annual growth target of about 5% for the entire period is likely to be set, Reuters previously reported, down from \u201cover 6.5%\u201d for the previous five years.<\/p>\n

Encouraging innovation will probably be a key part of the plan, in part to reduce vulnerabilities in China\u2019s tech supply chains amid increasing tensions with the United States.<\/p>\n

The government could also unveil reforms to spur domestic consumption and self-reliance under President Xi Jinping\u2019s \u201cdual circulation\u201d strategy.<\/p>\n

Another priority will be reducing emissions to move toward Xi\u2019s goal of making China carbon neutral by 2060. Demographic challenges brought about by China\u2019s rapidly aging population may also be addressed.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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