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Ahead of the 2024 ”Two Sessions”

China Makro Group

Article by CNBW member CMG

Ahead of the 2024 "Two Sessions"
The second meetings of the 14th Chinese People’s Political Consultative Conference (CPPCC) and National People’s Congress (NPC) will be held starting March 4th and March 5th respectively in Beijing, the same dates as the first meetings last year. However, compared to the NPC session of 2023, this year’s agenda is less packed and suggests more routine than last year’s.

Against the backdrop of the 2023 NPC session that installed a new State Council (China’s cabinet) led by a new Premier, the government reshuffle became one of the biggest features of last year, including a restructured Ministry of Science & Technology, the new National Administration of Financial Regulation (successor of the CBIRC), a strengthened CSRC, a new national data bureau, among others.

On top of the reform of government agencies, a key takeaway from last year’s NPC session was the continued strengthening of the ruling Party in key and strategic areas such as finance, S&T, Party construction at grassroot levels, and Hong Kong and Macau affairs, as evidenced by the establishment of Central Financial Commission, Central S&T Commission, Central Social Work Department and Central HK & Macau Work Office. The new agencies continued the trend of empowering Party governance across Chinese economy and society under President Xi.

That said, this year’s NPC session remains critically important given the multifold challenges. Xi emphasized during a reporting session by the central leadership on February 26th that the year 2024 marks the 75th anniversary of the establishment of the PRC and is the key year for the realization of the 14th Five-Year-Plan ...

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