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China's rubber stamp parliament, the National People's Congress, concluded its annual meeting on March 11, 2024.
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Beijing/Hong Kong
CNN
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As China grapples with an economic downturn and an escalating tech war with the United States, the country's leader has one message for thousands of political elites gathered in Beijing. Male – Supreme Leader Xi Jinping.
That show of confidence was echoed through a highly staged week of meetings by China's rubber-stamp parliament and top political advisory body, which concluded on Monday with a ceremony in the cavernous Great Hall of the People.
The event, held for the first time in years with few coronavirus restrictions, offers the world a rare glimpse into a political system that has become increasingly opaque under Xi's administration.
Key takeaways from the gathering include:
On Monday, the closing day of the National People's Congress, there was no important event: a press conference by the Chinese Prime Minister. For decades, this two-session tradition has provided foreign media and the Chinese public with a rare opportunity to get a first-hand look at the thinking of the nominal No. 2 official in charge of running the economy.
But the Chinese government made a surprise announcement last week to cancel the event, raising concerns among observers about Beijing's increasingly less transparent government.
More recent traditions of collective leadership, a model that came to the fore after the chaos of Mao Zedong's strongman rule, have once again taken a backseat under Xi. The prime minister and the State Council, which serves as China's cabinet, have been increasingly sidelined in recent years as Mr. Xi has strengthened the party's role in controlling the government and its messages.
This was further emphasized on Monday when a delegation rubber-stamped an update to the law governing the organization of the State Council. Observers say the changes further formalize the agency's role in carrying out the Chinese Communist Party's directives.
The overarching theme of the gathering was to promote China's economic model to focus on technological innovation and transform the country into a high-tech powerhouse.
In a speech last week, Premier Li called for greater “scientific and technological independence and strength” and specified a push to upgrade industrial supply chains and strengthen China's position as a high-tech innovator. This includes increasing China's annual budget for science and technology by 10% to an unprecedented 370.8 billion yuan ($51.6 billion).
They also emphasized the new policy buzzword “new quality productivity,” which Mr. Xi coined last year to refer to high-tech fields such as new energy vehicles, artificial intelligence, renewable energy, and advanced manufacturing. It shows Xi's desire to advance the country. Gain an edge in the global competition for critical technologies.
The emphasis on independence in the field of science and technology comes as the United States has tightened controls on exports of cutting-edge technology to China, particularly in the field of AI, and the US government has warned that such technology could be used to strengthen China's military. He claimed to have sex.
On the sidelines of the “Two Sessions,” Foreign Minister Wang Yi accused the United States of “devising various tactics to suppress China” and said that U.S. trade and technology regulations have “reached an extraordinary level of incalculability.” He accused the government of reaching the point of “absurdity.”
China is in turmoil with a real estate sector crisis, high local government debt, deflation, a stock market crash, and technology tensions with the United States, all of which are fueling public dissatisfaction and eroding investor confidence. The economy has been in the spotlight this year.
Chinese leaders presiding over the event are keen to project confidence in the economy, setting out an ambitious economic growth target of around 5% in 2024, but with a major push to boost sluggish consumption. No stimulus package was announced.
This appeared to disappoint investors who had been closely following the rally, with Hong Kong's Hang Seng Index falling 2.6% on Tuesday after the target was announced. The index is down about 1% so far this week and has fallen nearly 20% over the past 12 months.
In his remarks, Premier Li acknowledged that achieving the goal in 2022 will be “not easy” considering last year's weaker growth base due to the impact of the coronavirus, but China will continue to focus on technology and industrial development. He also vowed to prioritize advancement. innovation.
The annual meeting of the National People's Congress disappointed some stakeholders who had hoped that certain key personnel decisions would be made at this year's gathering. This is a move that would fill a senior State Council position that had been vacant for months after a sudden change in Xi Jinping's camp. Carefully selected ministers.
Foreign Minister Qin Gang was abruptly dismissed without explanation in July, followed a few months later by Defense Minister Lee Shangfu. Both men initially disappeared from public view and were later dismissed.
Some observers had predicted that Beijing could appoint a new foreign minister at this year's meeting. The role, which many expected to be temporary, has been held by senior diplomat and former foreign minister Wang Yi since Qin's ouster.
Two senior positions in China's cabinet, previously held by Li and Qin, remain vacant. However, the Chinese government refused to fill these positions at this year's event.
