Beijing's Great Hall of the People hosted the opening of the third session of the 14th National People's Congress (NPC) on Wednesday, marking the start of China's annual legislative assembly. Chinese President Xi Jinping and senior officials attended the gathering, where Premier Li Qiang unveiled the government's roadmap for economic development and social governance in 2024.
In his work report, Premier Li emphasized stabilizing growth amid global uncertainties, targeting a GDP expansion of around 5% this year. The blueprint prioritizes technological self-reliance, rural revitalization, and green energy transitions, with measures to attract overseas investment and streamline cross-border trade. Specific initiatives include boosting semiconductor research funding by 12% and expanding tax cuts for small businesses.
Analysts note the economic targets signal confidence in domestic consumption recovery despite external pressures. "The focus on AI and advanced manufacturing aligns with global trends," said economist Lin Wei, a fellow at the Asia Policy Institute. "Investors will watch for details on stabilizing property markets and local government debt management."
The session also reviews draft laws on data security and foreign relations, reflecting China's evolving regulatory landscape. As the eight-day meeting progresses, observers anticipate discussions on regional cooperation frameworks, including Belt and Road partnerships and ASEAN trade mechanisms, which could reshape Asia's economic dynamics.
