China to Hold National People's Congress Before March 5 Next Year... Announces Economic Growth Rate and Stimulus Measures

China will hold the National People's Congress (NPC), the equivalent of South Korea's National Assembly, in Beijing on March 5 next year. At this event, it will announce next year's economic growth target and stimulus measures.

On the 25th, China's state-run Xinhua News Agency reported that the 14th NPC Standing Committee, which began on the 21st and concluded on the same day, confirmed the opening schedule of the 3rd annual session of the NPC at its 13th meeting.

2023 Jeonin Conference Opening. Yonhap News

The NPC annual session is one of the two major political events in China known as the "Two Sessions" (the National People's Congress and the Chinese People's Political Consultative Conference). The annual session of the Chinese People's Political Consultative Conference was recently decided to be held one day earlier, on March 4 next year.

The NPC annual session is where the Chinese government finalizes its economic management direction and budget for the year. In particular, it presents the economic growth target for the year, which attracts significant attention both inside and outside China.

Foreign media expect China to maintain its economic growth target around 5%, similar to this year. On the 17th, Bloomberg reported that next year, China's leadership plans to keep the economic growth target around 5% while raising the fiscal deficit target to 4% of GDP, which is 1 percentage point higher than this year. The market also anticipates an economic growth target around 5%.

The previous day, major foreign media outlets such as Reuters reported that Chinese authorities plan to issue special government bonds worth a record 3 trillion yuan (approximately 599 trillion won) next year to strengthen stimulus measures.

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