• What are China's Two Sessions
• How are China's Two Sessions onducted?
• China's 2024 Economic Targets?
• Can the Two Sessions Rescue China's Stock Market?
• China's 2024 Defense Budget?
• How Will China Address Its Taiwan Policy During the Two Sessions?
• China's New Personnel Arrangements?

China's National People's Congress (NPC) and the Chinese People's Political Consultative Conference (CPPCC), collectively referred to as the "Two Sessions," will convene in Beijing on March 4th and 5th, 2024. Li Qiang, who recently assumed the position of Premier from Li Keqiang, will deliver the government's work report for the first time during the Two Sessions, providing a preview of China's policy direction in 2024.

What are the highlights for this year? Here are 7 key questions answered:

What Are China's Two Sessions, and Who Participates?

The "Two Sessions" refer to the NPC and CPPCC, held annually to convey people's messages to the central party. However, in practice, they serve as political formalities. Scheduled for March 4th and 5th this year, delegates from provinces and regions will gather in Beijing to set policy directions for the year.

According to China's Constitution, the NPC is the highest organ of state power, composed of representatives elected from provinces, autonomous regions, municipalities directly under the Central Government, special administrative regions, and the People's Liberation Army. 

The current NPC comprises 2,977 members. The CPPCC, with 2,172 members, includes representatives from the Communist Party, democratic parties, non-party democrats, minorities, Hong Kong and Macao special administrative regions, Taiwan, overseas Chinese, and specially invited individuals.

How Are China's Two Sessions Conducted?

Despite being perceived as a rubber stamp for China's decision makers, the Two Sessions offer a rare political observation window each year. Traditionally, the seven members of the Central Political Bureau of the Communist Party attend discussions with various regional or sectoral delegations, setting the tone for the year's policies. Premier Li Keqiang will also present the government's annual work report, reviewing the achievements of 2023 and outlining goals for 2024.

What Are China's Economic Targets for 2024?

Looking at local sessions, the national economic target for this year is likely to remain around 5%, as seen in announcements from major cities like Beijing, Shanghai, and Guangzhou. If the annual economic target falls below 5%, it could indicate challenges in job creation and domestic consumption.

Can the Two Sessions Rescue China's Stock Market?

China's stock market has been struggling despite continuous government efforts. Suggestions have been made to establish a stock market stabilization fund, akin to the National Team, to bolster investor confidence. Whether Beijing will announce relevant policies during the Two Sessions remains to be seen.

Moreover, a report from China's investment bank CICC emphasizes the necessity of robust fiscal support measures to reverse the market's downward trend, indicating that Premier Li's fiscal plans will be crucial for the stock market's future. 

What About China's Defense Budget for 2024?

In addition to economic targets, the government will present central and local budget drafts during the Two Sessions. With geopolitical tensions rising, China's defense budget will attract global attention. Despite economic slowdowns, China has maintained substantial defense spending, second only to the US. However, how China will allocate its limited economic resources remains uncertain.

How Will China Address Its Taiwan Policy During the Two Sessions?

The Two Sessions provide an opportunity to understand China's approach to Taiwan. This year's focus lies on four key points:

Firstly, whether President Xi Jinping will address Taiwan-related issues, as he has done in previous sessions. Secondly, the remarks of Wang Huining, who oversees Taiwan affairs, during the deliberation of Taiwan delegates. Additionally, the government work report usually includes a section on Taiwan affairs, and questions related to Taiwan are expected during the premier's press conference. With the Democratic Progressive Party securing its third consecutive term in Taiwan, China's stance towards the Tsai Ing-wen administration is under scrutiny.

Lastly, a new point of interest this year is whether China will introduce new legislation concerning Taiwan. China's Foreign Minister Wang Yi hinted at legal measures against Taiwan independence, potentially through amendments to the Anti-Secession Law or new legislation to promote cross-strait integration. 

China's New Personnel Arrangements?

Although this isn't a leadership transition year for China, personnel appointments remain noteworthy. Given the recent dismissals of former Foreign Minister Qin Gang and former Defense Minister Li Shangfu, attention is on whether these vacancies will be filled during the Two Sessions. Current Foreign Minister Wang Yi may be replaced, with reports suggesting Liu Jianchao, the current head of the International Liaison Department of the Central Committee of the Communist Party, as a potential successor.

It's worth noting that the Two Sessions aren't the sole occasion for high-level appointments. According to regulations, appointments can also be made during the bi-monthly meetings of the NPC Standing Committee.

Have you read?

• Can economic sanctions deter China's military actions against Taiwan?
• Ryan Hass on U.S.-Taiwan-China triangle: turbulence ahead but manageable
• What can we learn from Taiwan's first civilian-led war game?

Uploaded by Ian Huang