BEIJING:  China’s prestigious “Two Sessions” commences in Beijing on Monday where thousands of delegates from across the country will signal how they plan to steer the world’s second-largest economy in the year ahead and try to dispel deepening concern about the challenges it faces. Chinese leader Xi Jinping and his top Communist Party officials are expected to focus on projecting confidence during the “two sessions,” a highly choreographed event where China’s rubber-stamp legislature and top advisory body convene.

The largely ceremonial political gathering is taking on heightened importance this year as China’s economy has been roiled by a property sector crisis, hefty local government debt, deflation, a stock market rout and tech friction with the US — all fueling questions about whether the country will lose steam before it reaches its goal of becoming a developed global power.

Economic Focus And Premier’s Projections

Last year witnessed the formal endorsement of Xi Jinping for an unprecedented third presidential term. However, this year’s sessions are poised to be overshadowed by China’s economic hurdles, encompassing sluggish growth, deflationary pressures, soaring debt burdens, and dwindling exports. All eyes are on Premier Li Qiang as he delivers the annual work report, expected to delineate governmental achievements and chart ambitions for 2024. Li is anticipated to articulate a target economic growth rate of approximately 5% for the forthcoming year, while also addressing critical topics ranging from China’s plummeting birth rates to the trajectory of tech and artificial intelligence (AI) regulations.

Notable Shifts In NPC Dynamics

A series of pivotal appointments may transpire, marked by the ousting of 11 members from the NPC’s Standing Committee over the past year. Among them were Minister of Foreign Affairs Qin Gang and Minister of Defense Li Shangfu, notable figures linked to China’s military apparatus, particularly the People’s Liberation Army (PLA) Rocket Force.

Deciphering NPC And CPPCC Distinctions

While both the NPC and CPPCC ostensibly operate independently from the Communist Party of China (CCP), their functions are considerably influenced by it. The NPC, on paper, stands as China’s paramount legislative body, boasting nearly 3,000 members representing diverse regions and institutions. Conversely, the CPPCC, comprising over 2,000 delegates, functions more as a political advisory entity, fostering collaboration and extending the CCP’s influence.

NPC’s Role: Beyond Mere Formality

Despite its colloquial “rubber stamp” designation, the NPC wields significance beyond mere formality. Though overt debate is scarce, the NPC incorporates limited public input on less sensitive issues and has, on occasion, witnessed displays of dissent.

Influence Of Non-Party Actors

While the CCP maintains a dominant grip on power, China’s political landscape harbours diverse interest groups and networks. Non-party entities, including advocates for women’s rights and environmentalists, exert a discernible albeit constrained influence within the overarching political framework.

Observers will also be closely watching how markets respond. Heading into the gathering, many are sceptical that projections of confidence and measures announced at the event will be enough to restore optimism.