Global businesses draw confidence from two sessions
Global TimesMar 11
China Wraps Up Annual Two Sessions
The Facts
China's National People's Congress (NPC) has wrapped up its annual "Two Sessions" conference, where the country's leaders gathered for a weeklong parliamentary sitting to discuss economic challenges, a struggling housing market, and high youth unemployment.
Bucking precedent, for the first time in three decades the parliamentary meeting wasn't concluded by the premier's press conference, with officials saying that Premier Li Qiang had already answered questions from the media at various points during the event.
The Spin
Pro-China narrative
The National People's Congress has made significant efforts to persuade international investors that China is a safe place to invest, and that China's overarching economic plan — which prioritizes high-quality development — is sound. Beijing intends to open up more sectors to international enterprises and remove market access limitations on foreign investment in manufacturing. The Chinese government is dedicated to further stabilizing the economy and promoting growth.
Anti-China narrative
China is no longer the economic engine and powerhouse it once was. Beijing's economy faces numerous difficulties and is in desperate need of foreign investment. The Communist Party's decision to cancel the final news conference with China's premier demonstrates President XI's tighter hold over the Party and does not signal transparency. The Party wishes to present China as a safe investment destination. However, it is anything but. It is unlikely that foreign high-tech firms will line up, as Beijing anticipates.
Nerd narrative
There is a 10% chance China's GDP will overtake the US before 2030, according to the Metaculus prediction community.
