China's economy of 'great concern' as annual political meeting to kick off - CNA

FOCUS ON ECONOMY

But Lou on Monday struck a bullish tone, saying Beijing's leaders had "ample confidence" that the economy would rebound.

"China has more favourable conditions than challenges in its economic development," he insisted.

"The underlying trend of a rebound in the economy and long-term growth remains unchanged," he said.

But, he added, Premier Li Qiang would not be holding a press conference at the end of the NPC, in a break with decades-long tradition.

Li had used the briefing last year to warn that Beijing's modest growth goals would be "no easy task".

China is also set to double down on national security, with analysts expecting it to increase its military budget, second only to the United States.

Beijing revised a law dramatically expanding its definition of espionage last year and conducted raids on a string of big-name consulting, research and due diligence firms.

The legislature's top body also approved a broad and vaguely worded revision to the country's state secrets law in the run-up to the NPC.

Lynette Ong, a professor at the University of Toronto, told AFP there would "be continued emphasis on security".

"I don't expect any major policy change such as important structural reforms that will change the course of economic trajectory," she added.

On paper, the NPC wields little actual power.

All major decisions will have been made weeks before in closed-door meetings of the Communist Party, far from the international media's cameras.

But the topics that are up for discussion and the tone of the speeches allow for key insights into what's keeping China's rulers up at night, analysts say.

"Balancing security with the need to keep the economy ticking over while other issues are worked out is at the centre of policymaker's minds," said Diana Choyleva, chief economist at Enodo Economics.

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2024-03-04 06:00:19Z
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