Economic milestones unveiled at China’s two Sessions

By Uaueza Kanguatjivi

On March 5 marked the start of China’s Two Sessions, the yearly parliamentary gatherings of
the Chinese People’s Political Consultative Conference (CPPCC), National Committee and the
National People’s Congress (NPC).

This year’s sessions, mark the 75th anniversary of the People’s Republic of China and provides
important forums for influencing China’s policies in a number of fields.Among other things building a modernised industrial system, transitioning into a model of green development, redoubling efforts to enhance governance and achieving greater self-resilience in science and technology.

The 14th CPPCC National Committee Chairman, Wang Huning, gave a work report from the
Standing Committee of the CPPCC National Committee at the meeting stating that “Last year the
Chinese People’s Political Consultative Conference received 5,621 proposals, registered 4,791 and
achieved great rate of 99.9 per cent.”

Huning further stated that the CPPCC has strengthened the planning and organizing of field
research, cut the number of delegations to streamline the process, avoided overlapped research,
and reduced the burden on grassroots units over the course of 2023.

Huning also highlighted the new achievements made by the 14th CPPCC National Committee and
its Standing Committee and their contributions in serving the development of the cause of the
Communist Party of China and the state.

“In 2024, the CPPCC will focus on advancing Chinese modernization, actively offer suggestions,
foster broad consensus, and wisdom and strength for the country to achieve the economic and
social development objectives for the entire year,” Huning said.

At the 14th National Party Congress (NPC) Second Session, State Council President Li Qiang
presented a report on government work for discussion and approval by members of the CPPCC
National Committee as well as high-ranking officials and common citizens.

Qiang highlighted China’s overall economic recovery and growth noting that China’s economy
rebounded in 2023, demonstrating solid progress in high-quality development.

“China’s Gross domestic product (GDP) surpassed 126 trillion yaun, an increase of 5.2 per cent
ranking China among the fastest-growing major economies in the world.

“A total of 12.44 million urban jobs were added and the average surveyed urban unemployment
rate stood at 5,2 percent. The consumer price index (CPI) rose by 0.

2 per cent,” Qiang said.

The country continues to be a vital engine of global development, contributing around 30 per cent
to world economic growth.

Qiang added that in light of the grave challenges and particular conditions of the post-Covid 19 economic recovery the government of the People’s Republic of China took coordinated steps to ensure stable growth and sustain its momentum, and gave priority to consolidating the foundations of the economy.

“There is no doubt that in pursuing development China will continue to surge ahead, cleave
mighty waves, and advance toward a great future,” Qiang said.

Qiang also said in 2023 the government of the People’s Republic of China strengthened macro
regulation and promoted steady economic recovery and growth.

“Through ensuring the proper timing, intensity, and effect in conducting macro regulation, and
strengthening counter-cyclical adjustments.

“The government refrained from resorting to a deluge of stimulus policies or strong short-term
stimulus measures, and made greater efforts to promote high-quality development.

“Over the course of the year, China’s economy experienced a slow start, but reached a midyear
peak and achieved stable growth in the latter stage,” Qiang said.

To expand domestic demand, improve the economic structure, bolster confidence, and prevent
and defuse risks, Qiang says the government adopted a full range of robust and effective policies.

“Namely, extending and improving a number of time limited policies and rolling out a new batch of
timely policies

“Enhancing the intensity and effectiveness of fiscal policies and ensured spending in key areas.
Additional tax and fee relief measures introduced last year resulted in savings exceeding 2.2
trillion yuan, and an additional 1 trillion yuan of treasury bonds was issued to support post-
disaster recovery and reconstruction and build up capacity for disaster prevention, mitigation, and
relief,” Qiang said.

He added that there was a notable rise in loans given to support advanced manufacturing, green
development initiatives, micro and small businesses, and scientific and technological innovation,
as well as the implementation of targeted and effective monetary policies that included the
lowering of policy interest rates twice and the requirement for reserve ratios.

“In order to help college graduates and other key groups to secure employment. Over 33 million
people lifted out of poverty found jobs last year,” Qiang said.

The government also intensified efforts to share up weak links in compulsory relieve students of
excessive burdens from homework and off-campus.

“The cap on government subsidized student loans was raised and their interest rates were
lowered, benefiting more than 11 million college students,” Qiang said.

This Qiang says demonstrates that under the strong leadership of the CPC Central Committee with
Comrade Xi Jinping at its core, the Chinese people have the courage, vision, and strength to meet
any challenge and overcome any obstacle.