BEIJING: China’s leaders concluded a week-long key conclave where they acknowledged the need for more efforts to revitalize a sluggish economy. The economy has been affected by various factors including an ailing housing market, weak domestic demand, and record high youth unemployment rates. While officials have been transparent about the challenges, they have provided limited details on their plans to address them.
Throughout the conclave, officials have openly discussed the challenges facing China, acknowledging that achieving a modest five percent growth goal will be difficult. They have also expressed concerns about “hidden risks” dragging down the economy. However, specifics on how these issues will be tackled have been sparse.
Lawmakers met for closed-door deliberations, discussing revisions to key legislation, including the Organic Law of the State Council, aimed at deepening the leadership of the ruling Communist Party over the government. The National People’s Congress (NPC), China’s parliament, held a closing session and a vote on these legislative changes.
The focus of the meetings has been on the economy, with ministers pledging to take action to boost employment and stabilize the property market. Despite official assurances of support, analysts remain skeptical, noting the absence of substantial measures needed for economic recovery.
Officials have been hesitant to address questions about China’s economic challenges, breaking with tradition by canceling the premier’s press conference, which allowed foreign media to pose questions. Discussions about economic hardships have been restricted on social media platforms.
In addition to economic concerns, lawmakers have pledged to enact comprehensive security laws in 2024 to safeguard the country’s sovereignty. These laws aim to expand the Communist Party’s authority to address threats to its rule.
