BEIJING: China opens its annual parliamentary session on Sunday (Mar 5), with the National People's Congress (NPC) set to implement the biggest government shakeup in a decade as Beijing confronts a host of challenges and looks to revive its
During the NPC, former Shanghai party chief Li Qiang, a longtime Xi ally, is expected to be confirmed as premier.
The 63-year-old Li will be tasked with reinvigorating an economy, the world's second-largest, that grew just 3 per cent last year, bruised by three years of COVID-19 curbs, crisis in its vast property sector, a crackdown on private enterprise that has rattled investors, and weakening demand for Chinese exports.
The parliament, which will end on Mar 13, will also discuss Xi's plans for an"intensive" and"wide-ranging" reorganisation of state and Communist Party entities, state media reported on Tuesday, with analysts expecting a further deepening of Communist Party penetration of state bodies."We might see institutional changes that indicate an elevated importance of, and more party control over, the financial regulatory system," Goldman Sachs analysts wrote.
On the opening day of the NPC, China is also likely to announce its central and military spending budgets.in December following rare nationwide protests, will take place in the cavernous Great Hall of the People on the west side of Tiananmen Square amid tight security in the capital.
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