Global Impact: China’s ‘two sessions’ rolls around at decisive moment for the world’s second-largest economy

Global Impact is a weekly curated newsletter featuring a news topic originating in China with a significant macro impact for our newsreaders around the world

In this week’s issue, we look ahead to the ‘two sessions’, with China’s key annual meetings set to get under way in Beijing at a crucial time for the world’s second-largest economy

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Published: 2:00pm, 4 Mar 2024Updated: 10:18am, 11 Mar 2024

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With the world clouded with uncertainty as conflicts rage in the Middle East and Ukraine, nearly 3,000 Chinese lawmakers and other members of the political elite are set to converge on Beijing. There, they will deliberate on plans to maintain stability in the world’s second-largest economy.

Starting next week, lawmakers will sit in the Great Hall of the People with President Xi Jinping to proclaim solidarity, applaud achievements and dutifully approve government proposals at its annual convening of the National People’s Congress with Chinese People’s Political Consultative Conference, better known as the “two sessions”.

The past year has been marked by complex challenges both at home and abroad for China, with a bumpy post-pandemic economic recovery coming in at the top of the list.

Far from the “bright economic future” being preached by state media, the prolonged real estate crisis, soaring local government debts and a stock market meltdown have painted a dreary picture, especially as exchanges soar elsewhere.

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Observers are keen to see how Beijing will use the meetings to promote its plans and project confidence.