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The annual sessions of the National People’s Congress（NPC） and the Chinese People’s Political Consultative Conference （CPPCC）， held every March， are political events of the utmost importance in the country. They are a gateway for the world to understand China’s state governance philosophy， economic and diplomatic policies， as well as social concerns. As regards this year’s “two sessions，” are any of the messages they conveyed worthy of note？
First of all， according to the Report of the Work of the Government delivered by Premier Li Keqiang at the NPC， China’s GDP grew by 6.7 percent in 2016， surpassing the projected target of 6.5 percent. Meanwhile， China contributed more than 30 percent to global growth.
Against the backdrop of the sluggish world economy last year， China had to move ahead amid grave economic challenges. In the first half of 2016， the nation’s economy slowed down due to such reasons as capital outflow， market fluctuations， and external pressure.
Thanks to enhanced measures taken by the government， the economy and market became more stable in the latter part of the year. With a recovery demonstrated by economic indicators， the growth rate eventually reached 6.7 percent while the rate of increase in prices was controlled at two percent.
Premier Li noted that the economy in 2016 had registered a “slower but stable performance with good momentum for growth，” adding that China “managed to make progress on many fronts.”
This year， GDP growth is set at around 6.5 percent. This estimated figure implies that China will continue to be a driving force for global growth which will bolster global confidence in the economy.
On the one hand， the supply-side structural reforms have produced positive effects. On the other， economic progress is boosted by technological innovations and the expanded spending power of the Chinese people. What’s more， China remained the champion among developing countries in 2016 by attracting US $126 billion of foreign investment. In the World Bank report “Doing Business 2017，” China’s ranking rose 18 places over that in 2013. Hence， the Chinese economy is an inviting prospect.
Next， against the backdrop of a de-globalization trend， China continues to uphold economic globalization and free trade， as reaffirmed in the government work report.
The growing de-globalization trend and protectionism generate worries that China could tighten its opening-up policy. However， Chinese President Xi Jinping defended globalization at the 2017 World Economic Forum （WEF） at Davos early this year. He further vowed at the panel discussion with Shanghai Municipality deputies at this year’s “two sessions” that China’s opening door would not close， and that the country would keep on opening up on all fronts and continue to liberalize and facilitate trade and investment. In the government work report， Premier Li gave a run-down of China’s efforts in further opening up to the world in the past year. They are： the construction of the Belt and Road Initiative and strategic cooperation with countries along the routes； the RMB’s inclusion in the International Monetary Funds’ Special Drawing Rights （SDR） basket as its fifth currency； the launch of the Shenzhen-Hong Kong Stock Connect； the 12 newly-built integrated experimental zones for cross-border e-commerce； the setting up of seven new Free Trade Zones； and the replacement of requirements for review and approval for setting up and making significant adjustments to foreign enterprises by a simple filing process， with the exception of a few areas where special market access requirements apply.
The report said that in 2017， China will further refine its strategic plan for opening up， work faster to build new systems for an open economy， and advance towards a deeper and higher level of opening up.
The part of the report related to people’s livelihoods is also noteworthy. It states that， over the course of 2016， China’s personal per capita disposable income increased by 6.3 percent in real terms， closely following the GDP growth rate of 6.7 percent. As regards employment， the number of college graduates finding employment or starting businesses was expected to be 10 million， while 13.14 million new jobs were actually created. In 2017， the number is expected to be 11 million. As regards poverty reduction， the number of impoverished people living in rural areas was reduced by 12.4 million， compared with a 10 million target； and in 2017， the government vows to lift 10 million more people out of poverty. China also slashed the tax burden of businesses for the year by over RMB 570 billion， and in 2017 the target has been set at RMB 550 billion.
At the same time， draft general provisions of civil law were reviewed at the NPC， which signifies that China’s civil code is officially entering the legislative process. The protection of citizens’ civil rights will thus reach a new stage.
In 2017， China aims to deepen its reforms， maintain steady development， and bring more benefits to its people. Meanwhile， it will keep opening up to the rest of the world in an all-round way and so guide economic globalization onto a more inclusive and just course. Furthermore， China will work with other countries towards building a new kind of international order， featuring win-win cooperation， and a community of a shared future.
First of all， according to the Report of the Work of the Government delivered by Premier Li Keqiang at the NPC， China’s GDP grew by 6.7 percent in 2016， surpassing the projected target of 6.5 percent. Meanwhile， China contributed more than 30 percent to global growth.
Against the backdrop of the sluggish world economy last year， China had to move ahead amid grave economic challenges. In the first half of 2016， the nation’s economy slowed down due to such reasons as capital outflow， market fluctuations， and external pressure.
Thanks to enhanced measures taken by the government， the economy and market became more stable in the latter part of the year. With a recovery demonstrated by economic indicators， the growth rate eventually reached 6.7 percent while the rate of increase in prices was controlled at two percent.
Premier Li noted that the economy in 2016 had registered a “slower but stable performance with good momentum for growth，” adding that China “managed to make progress on many fronts.”
This year， GDP growth is set at around 6.5 percent. This estimated figure implies that China will continue to be a driving force for global growth which will bolster global confidence in the economy.
On the one hand， the supply-side structural reforms have produced positive effects. On the other， economic progress is boosted by technological innovations and the expanded spending power of the Chinese people. What’s more， China remained the champion among developing countries in 2016 by attracting US $126 billion of foreign investment. In the World Bank report “Doing Business 2017，” China’s ranking rose 18 places over that in 2013. Hence， the Chinese economy is an inviting prospect.
Next， against the backdrop of a de-globalization trend， China continues to uphold economic globalization and free trade， as reaffirmed in the government work report.
The growing de-globalization trend and protectionism generate worries that China could tighten its opening-up policy. However， Chinese President Xi Jinping defended globalization at the 2017 World Economic Forum （WEF） at Davos early this year. He further vowed at the panel discussion with Shanghai Municipality deputies at this year’s “two sessions” that China’s opening door would not close， and that the country would keep on opening up on all fronts and continue to liberalize and facilitate trade and investment. In the government work report， Premier Li gave a run-down of China’s efforts in further opening up to the world in the past year. They are： the construction of the Belt and Road Initiative and strategic cooperation with countries along the routes； the RMB’s inclusion in the International Monetary Funds’ Special Drawing Rights （SDR） basket as its fifth currency； the launch of the Shenzhen-Hong Kong Stock Connect； the 12 newly-built integrated experimental zones for cross-border e-commerce； the setting up of seven new Free Trade Zones； and the replacement of requirements for review and approval for setting up and making significant adjustments to foreign enterprises by a simple filing process， with the exception of a few areas where special market access requirements apply.
The report said that in 2017， China will further refine its strategic plan for opening up， work faster to build new systems for an open economy， and advance towards a deeper and higher level of opening up.
The part of the report related to people’s livelihoods is also noteworthy. It states that， over the course of 2016， China’s personal per capita disposable income increased by 6.3 percent in real terms， closely following the GDP growth rate of 6.7 percent. As regards employment， the number of college graduates finding employment or starting businesses was expected to be 10 million， while 13.14 million new jobs were actually created. In 2017， the number is expected to be 11 million. As regards poverty reduction， the number of impoverished people living in rural areas was reduced by 12.4 million， compared with a 10 million target； and in 2017， the government vows to lift 10 million more people out of poverty. China also slashed the tax burden of businesses for the year by over RMB 570 billion， and in 2017 the target has been set at RMB 550 billion.
At the same time， draft general provisions of civil law were reviewed at the NPC， which signifies that China’s civil code is officially entering the legislative process. The protection of citizens’ civil rights will thus reach a new stage.
In 2017， China aims to deepen its reforms， maintain steady development， and bring more benefits to its people. Meanwhile， it will keep opening up to the rest of the world in an all-round way and so guide economic globalization onto a more inclusive and just course. Furthermore， China will work with other countries towards building a new kind of international order， featuring win-win cooperation， and a community of a shared future.