The “two sessions,” namely the National People’s Congress (NPC) and the Chinese People’s Political Consultative Conference (CPPCC), are expected to add momentum to China’s goal of continuing to deepen and comprehensively reform.
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| Delegates attend the opening ceremony of the third session of the 14th National People's Congress in Beijing, March 5. (Source: THX) |
As one of the most important political events of the year, the “two sessions” take place in the context of the world’s second largest economy struggling with many challenges, from sluggish domestic demand, a prolonged crisis in the real estate sector to high unemployment among young people.
On the outside, the strategic competition is still fierce. The US-China trade war is heating up, with Washington doubling tariffs on Chinese goods, and Beijing immediately announcing retaliatory measures.
As the top legislative body, the NPC approves the government budget and other national development plans. Meanwhile, the CPPCC advises on major national policies related to economic, political, cultural, social and environmental development.
2025 is the final year of the “14th Five-Year Plan” and an important year for further comprehensive and profound reforms. Against this backdrop, many decisions will be made at the NPC session to realize that goal.
First is the GDP growth target for 2025, which is expected to be 5%, the same as the past two years. The fiscal deficit is forecast to increase to about 4% of GDP, up from 3% last year, to finance policies such as boosting household consumption.
In addition, there are policies focusing on investment in innovation and high-tech fields. Achievements such as the DeepSeek AI model and solar panels need to be followed by breakthroughs in high-end chips, quantum computers, robots, AI, etc. to realize the ambition of transforming the world's second largest economy into a technological powerhouse.
Source: https://baoquocte.vn/hop-luong-hoi-trung-quoc-tao-dong-luc-tiep-tuc-ca-i-cach-306572.html
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