Article Summary –
China has removed the traditional news conference held by the country’s premier at the end of the National People’s Congress (NPC), adding to global concerns about China’s economy. The decision means there will be fewer opportunities for global journalists to question top Chinese leaders during a period of economic volatility and rising tensions with the US. The legislative session is being closely watched for signs of how the government plans to strengthen the economy, which grew by 5.2% last year, amid challenges such as a real estate crisis, deflation, unemployment, stock market volatility, a decline in exports, and a drop in foreign direct investment.
China Abandons Traditional End-of-Congress News Conference Amid Economic Uncertainty
In an unexpected announcement on the cusp of the National People’s Congress (NPC), China revealed that its premier will no longer hold a post-event press conference. This decision eliminates a crucial outlet for global journalists to address China’s leading figures during a period of domestic economic instability and escalating discord with the U.S. and other nations.
Significance of the Annual Event and the Departure from Tradition
Although mostly symbolic, the NPC is China’s largest annual political gathering. For the past three decades, the conference concluded with an extensive press conference led by the premier, the country’s second-in-command following President Xi Jinping. This year, however, Premier Li Qiang will not facilitate a Q&A session, the legislative spokesperson announced, a practice expected to continue for the remainder of the NPC term, which lasts until 2027.
Economic Confidence Amid Challenges
In the face of adversity, maintaining confidence in China’s economy, the world’s second-largest after the U.S., is a priority for Chinese officials as the meeting commences with nearly 3,000 delegates nationwide. Despite an economic slowdown causing apprehension among investors, the NPC spokesperson assured that China has the upper hand in favorable conditions for economic growth.
Changes Reflect Xi’s Consolidation of Power
While the cancellation may hint at Xi’s increasing dominance over the country’s bureaucracy, the absence of the premier’s press conference is a missed communication opportunity, according to Bert Hofman, an adjunct professor at the National University of Singapore’s East Asian Institute.
China’s Economic Challenges and Prospects
Alongside the NPC, the Chinese People’s Political Consultative Conference, an advisory body, convened in Beijing’s Great Hall of the People. The legislative session is anticipated to reveal strategies to rejuvenate China’s economy, which grew 5.2% last year. The challenges include a real estate crisis, deflation, unemployment, stock market volatility, and a decline in exports due to geopolitical tensions.
Stabilizing Foreign Investment
Following an 8% drop in foreign direct investment last year, its first reduction since 2012, stabilizing foreign investment is a key task for 2022, according to China’s cabinet. Companies operating in China have voiced concerns over restricted information access and an expanded anti-espionage law.
Shifting to a New Stage of Economic Development
Economists suggest that after decades of rapid growth, China is transitioning into a new economic phase. As a result, consumers are adjusting to a “new normal,” focusing on less costly products and services. Despite these changes, experts believe that China’s economic recovery could take three to five years but remain optimistic about a positive direction.
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