China opens “two sessions” to solidify economic recovery

Mar 5, 2024 | News

China’s annual “two sessions,” a highly anticipated event on the country’s political calendar, began on Monday with the opening of the second session of the 14th National Committee of the Chinese People’s Political Consultative Conference.

As the world’s second-largest economy endeavors to solidify the momentum of economic recovery in its pursuit of Chinese modernization, the sessions carry immense significance for China and beyond.

Crucial year

This year’s “two sessions” hold particular significance as 2024 marks the 75th anniversary of the founding of the People’s Republic of China and stands as a pivotal year for achieving the goals and tasks outlined in the 14th Five-Year Plan (2021-2025).

China’s economy rebounded in 2023, demonstrating solid progress in high-quality development. Gross domestic product grew by 5.2 percent, surpassing the initial target of around 5 percent. The country continues to be a vital engine of global development, contributing around 30 percent to world economic growth.

Looking ahead, the Chinese leadership has emphasized the importance of seeking progress while maintaining stability, and faithfully implementing the new development philosophy across all areas. Consolidating and strengthening the momentum of economic recovery is of utmost importance.

While challenges and difficulties remain in further promoting China’s economic recovery, the overall trend of recovery and long-term improvement remains unchanged. The “two sessions” are expected to foster consensus and enhance confidence in this regard.