China prepares for a big annual meeting to chart a growth strategy
The Chinese government is set to kick off an annual parliamentary meeting this week for approving national priorities for 2021.
The gathering of delegates, known as the “Two Sessions,” has overseen such changes as President Xi Jinping’s abolition of term limits in 2018 and the proposal for a new security law for Hong Kong last year.
Authorities are expected to lay out details on topics ranging from employment targets to management of the semi-autonomous region of Hong Kong.
Such comments will come as Beijing seeks to show progress on development promises made to the country of 1.4 billion people, and build up China’s competitiveness in a world shocked by the coronavirus pandemic and growing wary of the Asian giant’s rise.
· No specific GDP target expected
Most economists do not expect authorities will release a GDP target this year, after making a rare decision not to do so at last year’s parliamentary meeting, which was delayed by about two months due to the coronavirus pandemic.
· A plan for the next five years
The parliamentary meeting will also share details on and approve China’s 14th five-year plan.
The plan’s emphasis on “boosting domestic demand, supply chain upgrading, technology self-sufficiency and further opening up domestic markets are the main tools to hedge against external uncertainties,” Bruce Pang, head of macro and strategy research at China Renaissance, said in a report.
In addition to specifics on how China might address national security issues on technology and energy, authorities are expected to lay out plans for defense spending in 2021.
Details on how Beijing plans to strengthen control of Hong Kong could also emerge from this year’s parliamentary session.
The parliamentary meeting is expected to last around 10 days and include press conferences with Foreign Minister Wang Yi and Premier Li Keqiang.
Reference: CNBC
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