China | What do we expect for 2024 March "two sessions"?

Summary

We summarize our expectations of 2024 March "two sessions", including the plan of "Chinese style modernization", 2024 growth and other economic targets, stimulus package and tackling long-term risks.

Key points

• Key points:
• Delegates from around the country will review the Government Work Report by Premier Li Qiang that will discuss the most important issues concerning various national and international affairs, ranging from the summary of last year’s economic achievements and main risks to the announcement of 2024 key economic targets and policy stimulus plan, from promoting high-end manufacturing, green economy and technology advancement to outlining the blueprint of “Chinese-style modernization”, etc.
• We highlight our expectations of the contents in this year's "two sessions", first among them is to promote “Chinese style modernization” as the new concentration.
• GDP growth target for 2024 is anticipated to be set at “around 5%” and other economic targets will also be promulgated, including inflation target, credit target, emission target, employment target etc.
• Expansionary fiscal and monetary policy to stimulate growth and rebuild market sentiments.
• It will also promulgate plans to deal with the potential financial risks and China’s long-term challenges, as well as to attract back FDI and guide them to high-end manufacturing and green economy sectors.

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