{"id":9621,"date":"2022-03-08T07:30:41","date_gmt":"2022-03-08T07:30:41","guid":{"rendered":"https:\/\/focus.cbbc.org\/?p=9621"},"modified":"2022-03-08T05:14:11","modified_gmt":"2022-03-08T05:14:11","slug":"what-is-in-the-two-sessions-2022-government-work-report","status":"publish","type":"post","link":"https:\/\/focus.cbbc.org\/what-is-in-the-two-sessions-2022-government-work-report\/","title":{"rendered":"What is in the Two Sessions 2022 Government Work Report?"},"content":{"rendered":"<h2>The top story to come out of China\u2019s annual Two Sessions so far is the 5.5% GDP growth target, which is the lowest economic growth target in more than a quarter of a century, write <strong>Joe Cash<\/strong> and <strong>Torsten Weller<\/strong>. The Two Sessions also touched on China\u2019s Covid-19 response, economic stimulus, and the environment<\/h2>\n<p>China\u2019s annual Two Sessions kicked off on 4 March, and continues until 11 March. The name \u2018Two Sessions\u2019 refers to the double plenary sessions of China\u2019s top legislative body, the National People\u2019s Congress (NPC) and the Chinese People\u2019s Political Consultative Conference. The Two Sessions is one of the most important events in the country\u2019s political calendar. The first session of the NPC started on Saturday 5 March, with <a href=\"https:\/\/focus.cbbc.org\/7-most-influential-people-in-china\/\" target=\"_blank\" rel=\"noopener\">Premier Li Keqiang<\/a> presenting the Government Work Report.<\/p>\n<p>The presentation of the Government Work Report is a highlight of the NPC plenum, as it provides a window into how the government considers itself to have performed over the last year, where it sees there to be room for improvement, and its policy priorities going forward into a new legislative cycle.<\/p>\n<p><a href=\"\/lp-cta-gateway\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"aligncenter wp-image-7246 size-full\" src=\"https:\/\/focus.cbbc.org\/wp-content\/uploads\/2021\/03\/lp-gateway.png\" alt=\"launchpad gateway\" width=\"4680\" height=\"786\" srcset=\"https:\/\/focus.cbbc.org\/wp-content\/uploads\/2021\/03\/lp-gateway.png 4680w, https:\/\/focus.cbbc.org\/wp-content\/uploads\/2021\/03\/lp-gateway-300x50.png 300w, https:\/\/focus.cbbc.org\/wp-content\/uploads\/2021\/03\/lp-gateway-1024x172.png 1024w, https:\/\/focus.cbbc.org\/wp-content\/uploads\/2021\/03\/lp-gateway-768x129.png 768w, https:\/\/focus.cbbc.org\/wp-content\/uploads\/2021\/03\/lp-gateway-1536x258.png 1536w, https:\/\/focus.cbbc.org\/wp-content\/uploads\/2021\/03\/lp-gateway-2048x344.png 2048w, https:\/\/focus.cbbc.org\/wp-content\/uploads\/2021\/03\/lp-gateway-1920x322.png 1920w, https:\/\/focus.cbbc.org\/wp-content\/uploads\/2021\/03\/lp-gateway-1170x197.png 1170w, https:\/\/focus.cbbc.org\/wp-content\/uploads\/2021\/03\/lp-gateway-585x98.png 585w\" sizes=\"(max-width: 4680px) 100vw, 4680px\" \/><\/a><\/p>\n<h4>What is in the 2022 Government Work Report?<\/h4>\n<p>The most important information coming out of the Government Work Report is the development targets for the current year:<\/p>\n<ul>\n<li>GDP growth of around 5.5%<\/li>\n<li>Over 11 million new urban jobs<\/li>\n<li>Surveyed urban unemployment rate of no more than 5.5%<\/li>\n<li>Consumer price index increase of around 3%<\/li>\n<li>Growth in personal income that is basically in step with economic growth (5.5%)<\/li>\n<li>Steady increases in both the volume and quality of imports and exports and basic equilibrium in the balance of payments<\/li>\n<li>Grain output of over 650 million metric tons<\/li>\n<li>Further improvement in the environment, including:<br \/>\n\u2022 Continued reduction in the discharge of major pollutants<br \/>\n\u2022 Energy consumption per unit of GDP to be assessed with appropriate flexibility within the framework of the <a href=\"https:\/\/focus.cbbc.org\/analysis-chinas-14th-five-year-plan\/\" target=\"_blank\" rel=\"noopener\">14th Five-Year Plan<\/a><br \/>\n\u2022 The exclusion of newly added renewable energy and coal, petroleum, and natural gas consumed as raw materials in the total amount of energy consumption.<\/li>\n<\/ul>\n<h4><strong>GDP Target<\/strong><\/h4>\n<p>China\u2019s GDP target has long been a central feature of the Government Work Report, as it has taken on extra significance as a barometer informing Chinese officials, diplomats, analysts, and ordinary people alike of how the government is performing. This year, the government has set a target of 5.5%, which is the lowest economic growth target in more than a quarter of a century. Considering that last year the economy grew at a rate of 8.1%, this year\u2019s target looks very low, even though it is in line with many provincial targets. Shanghai and Guangdong have published similar growth targets for this year.<\/p>\n<div style=\"clear:both; margin-top:2em; margin-bottom:2em;\"><a href=\"https:\/\/focus.cbbc.org\/chinas-economic-outlook-for-2022\/\" target=\"_self\" rel=\"dofollow\" class=\"ue0a838c944a83e60610000f12ca41460\"><style> .ue0a838c944a83e60610000f12ca41460 { padding:0px; margin: 0; padding-top:1em!important; padding-bottom:1em!important; width:100%; display: block; font-weight:bold; background-color:#eaeaea; border:0!important; border-left:4px solid #E74C3C!important; box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); -moz-box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); -o-box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); -webkit-box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); text-decoration:none; } .ue0a838c944a83e60610000f12ca41460:active, .ue0a838c944a83e60610000f12ca41460:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; text-decoration:none; } .ue0a838c944a83e60610000f12ca41460 { transition: background-color 250ms; webkit-transition: background-color 250ms; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; } .ue0a838c944a83e60610000f12ca41460 .ctaText { font-weight:bold; color:#E74C3C; text-decoration:none; font-size: 16px; } .ue0a838c944a83e60610000f12ca41460 .postTitle { color:#000000; text-decoration: underline!important; font-size: 16px; } .ue0a838c944a83e60610000f12ca41460:hover .postTitle { text-decoration: underline!important; } <\/style><div style=\"padding-left:1em; padding-right:1em;\"><span class=\"ctaText\">Read Also<\/span>&nbsp; <span class=\"postTitle\">China's economic outlook for 2022<\/span><\/div><\/a><\/div>\n<h4><strong>Covid-19<\/strong><\/h4>\n<p>No government\u2019s review of its legislative performance of late would be complete without an assessment of its handling of Covid-19, and China is no exception. This year\u2019s specific goal concerning Covid-19 is to \u201crespond to Covid-19 and pursue economic and social development in a well-coordinated way.\u201d R&amp;D into mRNA vaccines is to be stepped up and efforts preventing cases coming in from aboard maintained, with a view to ensuring \u201cthe normal order of work and life.\u201d The idea that China could change how it approaches Covid-19 was floated on several semi-official channels in the lead up to the Two Sessions, but the government has not given any official indication that this is on the cards.<\/p>\n<h4><strong>Stimulus<\/strong><\/h4>\n<p>The Chinese government is sticking to its supply-side policy and fiscal-oriented measures to stimulate the economy. The issuance of special-purpose bonds for local governments remains unchanged at RMB 3.65 trillion (\u00a3440 billion), the same as last year. But the central government will also allocate RMB 2.8 trillion (\u00a3335 billion) of special funds directly to provincial and local governments, which \u2014 according to Premier Li \u2014 should be directed towards projects which improve people\u2019s wellbeing and remove weak links in areas that are important to people\u2019s lives.<\/p>\n<h4>What\u2019s in it for British business?<\/h4>\n<p>According to the Work Report, progress has been made in \u201cdevelop[ing] the underlying institutions for a market system\u2026 [while the government] continued [the] implementation of the three-year action plan for SOE reform and supported the development of private businesses.\u201d<\/p>\n<p>What\u2019s more, the government has set to \u201cdeepen reform and opening up in all aspects\u201d as its fifth policy goal for 2022, placing it behind only those referring to the 20th Party Congress later this year. All of this is in the spirit of \u201cpromoting stable growth of foreign trade and investment.\u201d<\/p>\n<p>One disappointing point, however, is that on the Foreign Investment Law, the Work Report states that it will be \u201cfully implemented,\u201d whereas in previous years there was the intention to see the areas within which foreign enterprises could not invest cut further.<\/p>\n<div style=\"clear:both; margin-top:2em; margin-bottom:2em;\"><a href=\"https:\/\/focus.cbbc.org\/do-chinese-consumers-still-want-to-buy-british\/\" target=\"_self\" rel=\"dofollow\" class=\"u0ce26c0c1935f49fe326d196e569f9ed\"><style> .u0ce26c0c1935f49fe326d196e569f9ed { padding:0px; margin: 0; padding-top:1em!important; padding-bottom:1em!important; width:100%; display: block; font-weight:bold; background-color:#eaeaea; border:0!important; border-left:4px solid #E74C3C!important; box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); -moz-box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); -o-box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); -webkit-box-shadow: 0 1px 2px rgba(0, 0, 0, 0.17); text-decoration:none; } .u0ce26c0c1935f49fe326d196e569f9ed:active, .u0ce26c0c1935f49fe326d196e569f9ed:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; text-decoration:none; } .u0ce26c0c1935f49fe326d196e569f9ed { transition: background-color 250ms; webkit-transition: background-color 250ms; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; } .u0ce26c0c1935f49fe326d196e569f9ed .ctaText { font-weight:bold; color:#E74C3C; text-decoration:none; font-size: 16px; } .u0ce26c0c1935f49fe326d196e569f9ed .postTitle { color:#000000; text-decoration: underline!important; font-size: 16px; } .u0ce26c0c1935f49fe326d196e569f9ed:hover .postTitle { text-decoration: underline!important; } <\/style><div style=\"padding-left:1em; padding-right:1em;\"><span class=\"ctaText\">Read Also<\/span>&nbsp; <span class=\"postTitle\">Do Chinese consumers still want to buy British?<\/span><\/div><\/a><\/div>\n<h4>What\u2019s next<\/h4>\n<p>While the work report represents the official and curated view of the Chinese government, the Premier\u2019s press conference \u2014 which will be held towards the end of the Two Sessions \u2014 usually provides a more open and outspoken channel to elaborate on some of the government\u2019s policy targets for this year.<\/p>\n<p>CBBC will keep monitoring the Two Sessions and keep you updated on all major announcements and policy proposals.<\/p>\n<p><a href=\"\/lp-cta-membership1\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"aligncenter wp-image-7248 size-full\" src=\"https:\/\/focus.cbbc.org\/wp-content\/uploads\/2021\/03\/lp-membership1.png\" alt=\"\" width=\"4680\" height=\"786\" srcset=\"https:\/\/focus.cbbc.org\/wp-content\/uploads\/2021\/03\/lp-membership1.png 4680w, https:\/\/focus.cbbc.org\/wp-content\/uploads\/2021\/03\/lp-membership1-300x50.png 300w, https:\/\/focus.cbbc.org\/wp-content\/uploads\/2021\/03\/lp-membership1-1024x172.png 1024w, https:\/\/focus.cbbc.org\/wp-content\/uploads\/2021\/03\/lp-membership1-768x129.png 768w, https:\/\/focus.cbbc.org\/wp-content\/uploads\/2021\/03\/lp-membership1-1536x258.png 1536w, https:\/\/focus.cbbc.org\/wp-content\/uploads\/2021\/03\/lp-membership1-2048x344.png 2048w, https:\/\/focus.cbbc.org\/wp-content\/uploads\/2021\/03\/lp-membership1-1920x322.png 1920w, https:\/\/focus.cbbc.org\/wp-content\/uploads\/2021\/03\/lp-membership1-1170x197.png 1170w, https:\/\/focus.cbbc.org\/wp-content\/uploads\/2021\/03\/lp-membership1-585x98.png 585w\" sizes=\"(max-width: 4680px) 100vw, 4680px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The top story to come out of China\u2019s annual Two Sessions so far is the 5.5% GDP growth target, which is the lowest economic growth target in more than a quarter of a century, write Joe Cash and Torsten Weller. The Two Sessions also touched on China\u2019s Covid-19 response, economic stimulus, and the environment China\u2019s annual Two Sessions kicked off on 4 March, and continues until 11 March. The name&hellip;<\/p>\n","protected":false},"author":11,"featured_media":7569,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[132],"tags":[331],"class_list":["post-9621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-two-sessions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is in the Two Sessions 2022 Government Work Report? - Focus - China Britain Business Council<\/title>\n<meta name=\"description\" content=\"The top story to come out of China\u2019s annual Two Sessions so far is its low 5.5% GDP growth target \u2013 but about China&#039;s pandemic policy?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/focus.cbbc.org\/what-is-in-the-two-sessions-2022-government-work-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is in the Two Sessions 2022 Government Work Report? 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