On March 11, 2022, this year’s annual meetings of the National People’s Congress (NPC) and Chinese People’s Political Consultative Conference (CPPCC), which is commonly called as the “Two Sessions”, have closed.

Background:

China’s 2022 “Two Sessions” meetings commenced on March 4, 2022. It starts of the Fifth Session of the Thirteenth National Committee of the Chinese People's Political Consultative Conference followed by the Fifth Session of the Thirteenth National People's Congress on March 5, 2022. The Two sessions closed on March 11, 2022.

As China’s most important annual national meeting, the “Two Sessions” reveal major guiding plans for the country's economic and social development, as well as formulate national fiscal, financial, and livelihood-related policy comprehensively and systematically - all of great significance to the national economy.

Main Contents:

The Government Work Report of this year stated that China is under multiple pressures exerted by shrinking demand, disrupted and vulnerable supply chains, and weakening expectations. The government also identified challenges ahead that spanned economic development, price inflation, investment, logistics, climate change, technology supply chain, food security, energy supply, employment, and innovation in the report.

Main quantitative development targets for 2022: