China's 'Largest Political Event' Closes on the 11th... No Big Cards or Second-in-Command Present

Prime Minister Li Chang's NPC Closing Press Conference Abruptly Canceled
NPC Opening Work Report Lasts 50 Minutes... Shortest in 23 Years

China's largest political event, the Two Sessions (National People's Congress and Chinese People's Political Consultative Conference), will conclude on the 11th. There was neither the big economic stimulus card that the market had hoped for nor any notable activity from the top leadership. In particular, the sudden cancellation of the State Council Premier's press conference, who has traditionally been the 'second-in-command' and the highlight of the Two Sessions for over 30 years, left the impression that the external communication channel has been further reduced.

According to China's state-run Xinhua News Agency, this year's Two Sessions will end with the closing ceremony of the 14th National People's Congress 2nd session and the State Council and some ministerial-level press conferences held at the Great Hall of the People in Beijing in the afternoon.

[Image source= Xinhua News Agency]

Within China, the Two Sessions were praised for boosting confidence among global companies. The state-run Global Times (GT) interviewed representatives from global companies such as Airbus, Dassault Syst?mes, Bayer, and Schneider Electric, reporting that "many companies were particularly encouraged by China's commitment to expanding market access and improving the business environment in sectors such as manufacturing and services," and that they were "optimistic about China's overall economic strategy focusing on high-quality development."

However, experts unanimously agree that no specific stimulus measures were announced at this year's Two Sessions to drive the economic growth target of around 5.0%. The Chinese leadership stated that they would accelerate the development of new quality productive forces focusing on boosting consumption and innovation, and strengthen scientific research to promote artificial intelligence (AI) development, but these measures fell short of market expectations.

Above all, concerns are growing over the diminished position of the 'economic chief' and the second-ranking member of the Party, the State Council Premier. At a press conference held on the 4th, the NPC spokesperson suddenly announced that the Premier's press conference would not be held for the next several years. Then, at the NPC opening ceremony on the 5th, Premier Li Qiang delivered the shortest work report since 2001, lasting only 50 minutes, before stepping down from the podium. While reporting last year's achievements, he also mentioned, "Our achievements in 2023 are thanks to General Secretary Xi Jinping, who is leading this process." Until 2019, the Premier's work report lasted about 1 hour and 40 minutes, but it was reduced to about an hour in 2022 and last year.

[Image source=Yonhap News]

Alicia Garcia Herrero, Chief Economist for Asia-Pacific at French investment bank Tectys, commented to major foreign media regarding the cancellation of the Premier's press conference, saying, "Considering the size of the economy, this is truly surprising," and warned, "With increasingly strict access to official and private sector data over the years, if Premier Li Qiang does not appear before the media, investor confidence in the Chinese economy will further decline."

Such criticism is also emerging internally. Ja-ching, a professor at the School of International Studies at Peking University, argued in a proposal submitted to the CPPCC that restrictions on meetings between officials and academia with journalists and foreign envoys should be reformed. In the proposal, he wrote, "The world is paying attention to China's rise and wants to understand China's thoughts and ideas, but China's voice is diminishing," adding, "This has further worsened foreigners' negative perceptions of China."

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