China's Two Sessions: Steering the Nation's Economic Future

China's ceremonial legislature is set to convene this Thursday, marking the annual 'Two Sessions' where significant policy directions and economic goals for the coming years are unveiled. The National People's Congress (NPC) will gather in Beijing, alongside the Chinese People's Political Consultative Conference.

The NPC, although a voting body, typically votes in near-unanimous agreement on new laws pre-decided by China's Communist Party leadership. Meanwhile, the advisory conference includes elite members of Chinese society but has little sway over public policy. Under President Xi Jinping, these meetings have become more scripted and display a showcase atmosphere.

This year's pivotal focus is on China's economic strategy, particularly the announcement of the country's GDP targets and details of the 15th five-year plan, emphasizing tech self-sufficiency amid sluggish economic conditions and geopolitical tensions, notably the trade war with the US.