{"id":11885,"date":"2023-03-06T07:30:44","date_gmt":"2023-03-06T07:30:44","guid":{"rendered":"https:\/\/focus.cbbc.org\/?p=11885"},"modified":"2023-03-06T13:36:27","modified_gmt":"2023-03-06T13:36:27","slug":"what-to-expect-from-chinas-2023-two-sessions-and-government-work-report","status":"publish","type":"post","link":"https:\/\/focus.cbbc.org\/what-to-expect-from-chinas-2023-two-sessions-and-government-work-report\/","title":{"rendered":"What to Expect from China\u2019s 2023 Two Sessions and Government Work Report"},"content":{"rendered":"

As China emerges from the Covid-19 pandemic, the 2023 Two Sessions is expected to oversee changes to China\u2019s institutional structures, legislation and policy environment, which will have a profound impact on the economy and businesses in the coming year and beyond<\/h2>\n

China\u2019s most important annual governmental meetings are slated to start on Saturday, March 4 in the Great Hall of the People in Beijing. The \u201cTwo Sessions\u201d meetings, which refer to the annual meetings of the National People\u2019s Congress (NPC) and the Chinese People\u2019s Political Consultative Conference (CPPCC), will preside over the main economic agenda for 2023, as well as significant governmental restructuring.<\/p>\n

2023 will mark the first year of re-opening<\/a> after the Covid-19 pandemic, and the government has already set its sights on full economic recovery and high growth as the year\u2019s top priority. Although the lifting of Covid-19 restrictions<\/a> in late 2022 has already boosted economic activity \u2013 the official manufacturing PMI reached the highest level in nearly 11 years in February \u2013 there remains a range of challenges, including sluggish domestic demand, persistent problems in the housing market, and unequal development across the country.\u00a0\u00a0The economic and legislative decisions made at the Two Sessions are of high importance to business leaders and foreign investors in China; they serve as a valuable window into China\u2019s politics and reveal Beijing\u2019s priorities and policy direction for the coming year. Below we look at some of the most likely outcomes of the Two Sessions and discuss how they could impact businesses.<\/p>\n

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2023 GDP growth target<\/h4>\n

One of the most important announcements that will be made during the Two Sessions is the annual GDP growth<\/a> target. In 2022, the GDP growth target was set at \u201caround 5.5%\u201d. However, China\u2019s GDP growth rate missed the target, growing 3% year-on-year, due mainly to the large outbreaks of Covid-19 experienced over the year. In recent months, provincial and municipal governments have announced local GDP growth targets for 2023, giving an indication of the overall sentiment in the country.\u00a0\u00a0In general, the provinces and municipalities have set very ambitious growth targets for 2023:<\/p>\n