Government’s work priorities for 2022 and implications

According to PwC China ...
The fifth session of the 13th National Committee of the Chinese People’s Political Consultative Conference (CPPCC) and National People’s Congress (NPC) took place between 4 and 11 March 2022. This was the last time the 13th NPC and CPPCC would come together for the Two Sessions. With the 20th National Congress of the Chinese Communist Party (NCCCP) taking place this fall, 2022 marks a key period in the development of the party and the state. Thus, this year’s Two Sessions serves as a transition between the incumbent 13th NPC and CPPCC and the incoming 14th NPC and CPPCC. It should be noted that the election of deputies to the 14th NPC shall be completed in January 2023 before the incumbent 13th NPC deputies finish their term in office in March 2023.

As concluded during the Two Sessions, 2021 was a landmark year in the history of both the party and the country marked by the centenary of the founding of the Communist Party of China (CPC). In line with its plans, China achieved great progress in lifting poverty and built a moderately prosperous society in all respects.

Implications - what are the takeaways?
2022, China will strive to stabilise economic operation, deliver reasonable economic growth, and maintain overall social stability. The top priority will be to stabilise the macroeconomic development and maintain reasonable GDP growth. China will boost investment to safeguard economic growth as investment lowered GDP growth by 0.5% last year according to National Bureau of Statistics. China will deepen reforms, implement the innovation-driven development strategy, and expand domestic consumption.

PwC China Report
Two Sessions in 2022 raised confidence in China’s development amid global turbulence
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