The annual sessions of the National People’s Congress (NPC) and the Chinese People’s Political Consultative Conference (CPPCC) are the most significant political events in China. The two sessions represent a time when the Chinese leadership comes together to discuss important national issues and develop plans for the country’s future.

At this year’s sessions, the focus was on several critical areas, including the high-quality development of the economy, GDP growth, attracting foreign investment, improving people’s livelihood, and advancing national defense and military construction.

In his government work report, Premier Li Keqiang outlined the country’s economic goals for the year, with a focus on promoting high-quality development. China aims to achieve a GDP growth rate of around 5%, which is higher than last year’s target. This ambitious target shows China’s determination to continue to lead the global economic recovery after the pandemic.

Click here for report in Chinese: https://sapiencepro.com/wp-content/uploads/2023/03/Gov.-Work-Report-中文）-1.pdf

Click here for Work Report in English: https://sapiencepro.com/wp-content/uploads/2023/03/Gov.-Work-Report-English.pdf

To achieve this goal, China plans to increase investment in research and development, encourage innovation and entrepreneurship, and focus on expanding domestic demand. The government will implement a proactive fiscal policy and improve the efficiency of government spending, including increasing spending on public services, such as education, healthcare, and social security.

China is also committed to promoting international economic cooperation and opening up to foreign investment. The country will continue to promote free trade and investment, reduce trade barriers, and foster a fair, transparent, and predictable business environment. The government will also strengthen intellectual property protection and encourage foreign investment in high-tech industries.

In addition to economic development, the government will focus on improving people’s livelihood. This includes promoting employment, increasing social welfare, and improving access to education and healthcare. The government is also committed to promoting the green transformation of the development mode and accelerating the construction of a new energy system to reduce pollution and improve the quality of the ecological environment.

In conclusion, the two sessions have shown China’s commitment to promoting high-quality development of the economy, attracting foreign investment, improving people’s livelihood, and advancing national defense and military construction. The government has set ambitious targets for the year, demonstrating China’s determination to lead the global economic recovery after the pandemic. China’s continued opening to foreign investment and commitment to free trade and investment will provide opportunities for global businesses to benefit from China’s growth and development.

• The GDP growth target of around 5%
• Creation of approximately 12 million new urban jobs
• A surveyed urban unemployment rate of around 5.5%
• CPI increase the target of around 3%
• Personal income growth in line with economic growth
• A steady increase in the volume and quality of imports and exports
• Basic equilibrium in the balance of payments
• Grain output target of over 650 million metric tons
• Continued reductions in energy consumption per unit of GDP and major pollutant discharges, with a priority on controlling fossil fuel consumption
• Steady improvements in the quality of the eco-environment

Please note: The official versions of the reports will be released by Xinhua News Agency.