The Sunday Mail
Manyika Kangai
China holds annual “Two Sessions” meetings
China is currently holding its annual Two Sessions meetings in Beijing, where thousands of delegates from the country’s legislature, the National People’s Congress (NPC), and its advisory body, the Chinese People’s Political Consultative Conference (CPPCC), are gathered to ratify legislation and appoint new Government leaders.
The meetings, which conclude with the announcement of the President and Vice President of China and appointees to the new cabinet, are also meant to approve the Chinese government’s budget.
The event is called the “two sessions” because both the NPC and CPPCC hold their annual meetings concurrently.
The membership of both the NPC and CPPCC is comprised of business executives, celebrities, and celebrated individuals.
China sets growth target
China has set this year’s growth target at “around 5 percent”, in a cautious forecast after the Covid-19 pandemic-hit economy posted one of its weakest expansions in decades last year.
The impact of strict Covid-19 controls, a property market downturn and sagging exports took their toll on the world’s second-largest economy.
China’s economy grew by just 3 percent last year, marking one of its slowest growth rates since the mid-seventies and well below an official target of 5,5 percent.
The new economic benchmark was announced by China’s outgoing Premier, Li Keqiang, in an hour-long presentation of the new budget and economic priorities.
The International Monetary Fund (IMF) said China’s economy is likely to rebound to 5,2 percent this year, with household spending and business activity picking up.
The government budget deficit target was set at 3 percent of the gross domestic product (GDP), widening from a target of 2,8 percent last year.
Spending is set to rise 5, 6 percent while the consumer inflation target will be kept at 3 percent.
China’s State Council restructuring plan
The Chinese cabinet unveiled a plan to reform its institutions.
The plan was submitted to the first session of the 14th National People’s Congress (NPC) for deliberation.
Highlights of the plan include, restructuring the Ministry of Science and Technology to better allocate resources.
The move is designed to overcome challenges in key technologies and move towards greater self-reliance in science and technology.
The new plan will see the setting up of a National Financial Regulatory Administration operating under the State Council.
The Chinese Cabinet will also set up a National Data Bureau, which will be responsible for advancing the development of data-related institutions, coordinating integration, sharing, development and application of data resources.
China’s foreign trade steady
China’s foreign trade has had a stable start, with exports hitting a new high despite lingering high inflation and weakening economic and trade growth globally.
Data from the General Administration of Customs (GAC) showed that the country’s exports of goods rose 0,9 percent year-on-year during the first two months to 3,5 trillion yuan (about US$506 billion).
China’s foreign trade of goods edged down 0,8 percent year-on-year to 6,18 trillion yuan (about US$894 billion).
The imports of goods stood at 2,68 trillion yuan (about US$388 billion) in the same period, down 2,9 percent from last year.
The country’s trade surplus hit 810 billion yuan (about US$117 billion) in the period, jumping 16,2 percent year-on-year.
China plans to add base stations
According to the Ministry of Industry and Information Technology, China plans to add around 600 000 5G base stations this year, taking the total number of 5G base stations in the country to over 2,9 million.
China currently has over 2,34 million 5G base stations with the number of users surpassing the 575 million mark.
5G technology is widely applied in the Chinese economy, particularly in sectors such as mining, power supply, and the making of large jetliners.
Efforts will be made to promote the industrial application of 5G, especially in manufacturing, with plans to build more than 10 000 5G factories during the 14th Five-Year Plan period (2021-2025).
Research and development of 6G will also be accelerated.
*Manyika Kangai is an expert in facilitating and advising on China-Africa trade and investment deals. He is dedicated to helping African businesses and governments realise the full potential of the vast opportunities China presents.
