Why China's Confirmation of the Two Sessions Dates Is Welcome News

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[Asia Economy Beijing=Special Correspondent Park Sun-mi] The date for China’s largest political event, the "Lianghui" (Two Sessions - the National People's Congress and the Chinese People's Political Consultative Conference), has been confirmed, although detailed information has not been disclosed. Nonetheless, within Chinese society, there is a welcoming atmosphere that places significance on the confirmation of the event’s date itself.

This year’s Lianghui will begin in Beijing on the 21st of next month. On the 21st, the 3rd session of the 13th CPPCC will open first, followed by the 3rd plenary session of the 13th NPC on the 22nd. Aside from the dates, no specific details have been revealed regarding the duration or format of the sessions. However, many in China anticipate that, considering the COVID-19 situation, the usual two-week duration may be shortened to one week, and a hybrid meeting format involving video conferencing, which has been attempted several times before, might be implemented.

The Lianghui was originally scheduled for early March but was unusually postponed due to COVID-19. The confirmation of the postponed schedule politically serves to declare victory over COVID-19 domestically and internationally, demonstrating the superiority of the Chinese system and the unity of its people, thereby enhancing President Xi Jinping’s authority. Economically, it raises the likelihood of successfully achieving China’s goals of poverty eradication and the comprehensive construction of a Xiaokang (well-off) society by finalizing numerous economic tasks that had been in preliminary discussion stages.

In fact, with the confirmation of the Lianghui dates, China is attempting to shift the atmosphere toward alleviating COVID-19 fears and normalizing daily life and economic activities. Beijing, where the Lianghui will be held, relaxed its COVID-19 prevention guidelines in line with the announcement of the event dates. From midnight on the 30th, Beijing downgraded its emergency response level for sudden public health incidents from Level 1 to Level 2 and adjusted its epidemic prevention measures accordingly. As a result, mandatory COVID-19 nucleic acid testing and the 14-day self-quarantine requirement for arrivals from low-risk areas within China entering Beijing were suspended. Additionally, the requirement for nucleic acid test proof for non-residents staying in hotels within Beijing was also withdrawn. The risk level of Chaoyang District, previously the only high-risk area in Beijing, was lowered to "low risk."

The Forbidden City, which was temporarily closed on January 25 due to COVID-19, will reopen from the 1st of next month. Although visitor numbers will be limited to 3,000 in the morning and 2,000 in the afternoon, totaling 5,000 per day, the reopening of the Forbidden City, a representative tourist site in Beijing, is interpreted as the government showing confidence in its COVID-19 control. At a meeting of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee the previous day, President Xi emphasized that China has achieved significant strategic success in the COVID-19 prevention war and now must inject strength into the full recovery of the economic order.

Among the Korean expatriate community in China, expectations are growing that foreign entry bans and flight reductions will soon be lifted or eased due to the Lianghui.

Since the Lianghui involves over 5,000 people gathering in the Great Hall of the People, it carries significant symbolic weight in proclaiming victory over the COVID-19 battle, leading to hopes that the Chinese government will relax COVID-19 prevention measures further after the event. China has effectively banned foreign entries since the 28th of last month. Even with special circumstances allowing visa issuance, arrivals had to undergo a 14-day quarantine. This has resulted in many expatriates and international students who spent the Lunar New Year holiday in Korea being unable to return to China.

As the Lianghui is an important event that evaluates the previous year’s government work and listens to and approves plans and key laws for the year, there is also growing anticipation that government stimulus measures will accelerate after the annual economic growth targets, major economic policies, and defense budgets are finalized. In the stock market, policy expectations have historically formed around the Lianghui, producing a "Lianghui effect." Over the past decade, in 7 to 8 years, stock indices have shown rises and rebounds one month before and after the Lianghui.

Meanwhile, statistically, China’s COVID-19 situation has significantly improved. On the 29th, China reported only 4 new confirmed COVID-19 cases. All new cases were imported from overseas.

This content was produced with the assistance of AI translation services.