If the popular Chinese expression “important things must be said three times” is to be taken literally, then consumption is tremendously important this year. Since December, the Chinese Communist Party (CCP) has repeatedly iterated the idea that consumption – as opposed to just investment – needs to be a strong growth driver in 2023. From the start of the year, local governments, banks, and companies have taken the hint by offering subsidies, discounts and beneficial policies to consumers and businesses, and this top-line message was again spelled out at the Two Sessions.
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The Two Sessions also underscored the importance of domestic and foreign private businesses, which have been impacted negatively by zero-Covid policies and crackdowns in recent years.
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Following a tumultuous 2022, Two Sessions’ changes and targets reflect the Chinese government’s desire to stabilise the economy and guide it towards more sustainable growth.
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Several Two Sessions changes and announcements are aimed at advancing China’s technological, scientific and military capabilities in order to safeguard its security and future prosperity.
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