A property downturn, slowing economy and war in Ukraine loom large over this week’s annual convening of China’s legislature, with policymakers expected to focus on shoring up faltering growth. The rubber-stamp parliament starting Saturday in Beijing gathers some 3,000 members of the National People’s Congress (NPC) for highly choreographed meetings over bills, budgets and personnel changes.
The ruling Communist Party uses the opportunity to tout its achievements while also setting the country’s economic blueprint and GDP target for the year ahead.
Much of the NPC’s agenda is unknown until during or even after the multi-day meeting, with many sessions taking place behind closed doors. But this year, concerns are bound to centre on the country’s sluggish economic growth, partly down to a crunch in the crucial property sector — which makes up as much as a quarter of national output.
Stringent “zero-Covid” measures including harsh lockdowns and closed borders have also been a major blow to manufacturing hubs, tourist centres and port cities.
The country’s communist leaders have long based their legitimacy on the argument that their model of government represents economic growth and continuity for China’s massive population.
But as much of the rest of the world now reopens, China is increasingly out of step, as continued Covid-19 restrictions weigh on consumer confidence. Maintaining stability will be crucial as the Communist Party gears up for a pivotal meeting this fall — the 20th party congress — that is expected to easily secure President Xi Jinping a third term.
Source: eNCA
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