China opens ＂two sessions＂ with commitment to high

Home>>

(Xinhua) 08:01, March 05, 2025

BEIJING, March 4 (Xinhua) -- The annual "two sessions," a highly anticipated event on China's political calendar, began on Tuesday with the opening of the annual session of the country's top political advisory body.

The annual session of China's top legislature, the National People's Congress (NPC), is set to begin on Wednesday.

Offering a critical window into China's development roadmap for 2025, the final year of its 14th Five-Year Plan (2021-2025), the sessions hold profound significance as the world's second-largest economy accelerates its shift toward high-quality development and advances Chinese modernization.

This year's "two sessions," the first since last July's reform-themed third plenary session of the 20th Central Committee of the Communist Party of China (CPC), are expected to shape the country's policy direction amid an increasingly complex and challenging domestic and global landscape.

This photo taken on March 4, 2025 shows the Great Hall of the People, the venue for the opening meeting of the third session of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC), in Beijing, capital of China. (Xinhua/Wang Ye)

KEY POLITICAL GATHERINGS

Chinese President Xi Jinping and other leaders attended the opening meeting of the third session of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC), held at the Great Hall of the People.

Wang Huning, chairman of the CPPCC National Committee, delivered a work report on behalf of the Standing Committee of the CPPCC National Committee.

The country's top political advisor said China has accomplished its main economic and social development targets for 2024, applauding the major achievements made in the country's modernization drive.

During the eight-day sessions, the Chinese premier, top legislator, top political advisor, chief justice and top procurator will present work reports. Lawmakers will review the government's annual budget and development plan, and deliberate an amendment to the law on deputies to the NPC and local people's congresses.

In parallel, ministers from various government departments will hold interviews and press conferences to engage with the public, clarify policies, and address pressing concerns.

This year's "two sessions" are expected to foster consensus and enhance confidence as China strives to further deepen reforms and achieve the goals outlined in the 14th Five-Year Plan.

The opening meeting of the third session of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC) is held at the Great Hall of the People in Beijing, capital of China, March 4, 2025. (Xinhua/Yao Dawei)

MACROECONOMIC POLICY SHIFT

This year's economic growth target, along with an array of widely-watched key macroeconomic indicators for 2025, including the deficit-to-GDP ratio and the inflation target, is expected to be unveiled in the government work report at the start of the NPC session.

In 2024, China achieved its growth target of around 5 percent, largely thanks to significant macroeconomic measures designed to counter economic headwinds.

Despite the challenges China's economy has faced in recent years, it is projected to contribute about 30 percent of global economic growth in 2024, making it the largest source of growth for the world economy.

While China's economy has demonstrated resilience, challenges and problems such as insufficient domestic demand and external pressures persist.

Amid evolving challenges, China has signaled a shift in its macroeconomic stance. Months before the "two sessions" at the tone-setting Central Economic Work Conference, policymakers pledged to roll out more proactive macro policies this year. Notably, they adopted a "moderately loose" monetary policy, significantly departing from the "prudent" approach over the past 14 years.

China has also pledged to actively use the room for a higher deficit, increase the issuance of local government special-purpose bonds, continue to issue ultra-long special treasury bonds and increase transfer payments from the central government to local governments. The specifics of these pro-growth measures will also be a key focus of this year's "two sessions."

The opening meeting of the third session of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC) is held at the Great Hall of the People in Beijing, capital of China, March 4, 2025. (Xinhua/Wang Jianhua)

DOMESTIC DEMAND, TECH INNOVATION

The Central Economic Work Conference also outlined key priorities, including boosting consumption, to shore up China's economy.