Editorial | Growing the Chinese economy and risk control are the focus of ‘two sessions’
- The goal is to ensure the party stays focused, disciplined and efficient so that China can maintain stability in the face of global uncertainties
The once-a-year meetings of China’s parliament beginning on Monday are eagerly anticipated for insights into the country’s economic policies and direction.
Beijing is expected to announce relief measures to support an economy facing multiple challenges. It remains to be seen whether they will be stopgaps or significant enough to restore confidence and revive the growth trajectory.
Ahead of the meetings the Politburo has signalled more fiscal measures and vowed to improve policy consistency.
In what will be his first work report to the National People’s Congress since taking office a year ago, Premier Li Qiang will reveal a keenly awaited growth target.
It is widely expected to be around 5 per cent, extending last year’s trajectory of 5.2 per cent. But amid continuing external challenges, including geopolitical tensions and supply chain woes, not everyone is convinced China can achieve it.
Restoring confidence is the paramount issue. Weak property and financial markets may contribute to lack of it but they are also symptoms of it. Many see poor sentiment, debt – particularly at the local government level – and population ageing as core structural obstacles to growth unless steps are taken now to address them.
