China to Hold National People's Congress in March Next Year... Expected to Outline Growth Targets and Budget Size

Chinese President Xi Jinping (right) meets with Carrie Lam (Lam Cheng Yuet-ngor), Chief Executive of Hong Kong, who visited Beijing on the 22nd for a work report. [Image source=Yonhap News]

[Asia Economy Reporter Jeong Dong-hoon] China is expected to present the overall direction of its economic policies, including the economic growth target and budget size, at the National People's Congress (NPC) next March.

According to the state-run China Central Television (CCTV) on the 24th, the NPC Standing Committee decided at a meeting to hold the 5th annual session of the 13th NPC in Beijing on March 5 next year.

The NPC annual session is one of the two main pillars of the "Two Sessions," the largest political events in China, which include the National People's Congress and the Chinese People's Political Consultative Conference. This meeting officially confirms the Chinese government's economic management direction and budget plan for the year. In particular, it draws domestic and international attention by announcing the economic growth target for the year.

The World Bank forecasted China's GDP growth rate for next year at 5.1% in its report released on the 23rd.

Earlier, the Chinese leadership set the economic policy tone for next year as "progressing steadily" at the Central Economic Work Conference held from the 8th to the 10th, deciding to continue proactive fiscal policy and moderate monetary policy. The NPC next year is also expected to focus on economic policies emphasizing stability.

There is also a possibility that policies implementing "common prosperity," President Xi Jinping's top economic agenda, will be presented. The NPC annual session is usually held every March, but last year it was held in May due to the impact of COVID-19.

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