In an annual gathering devoid of the traditional premier’s press briefing, China’s National People’s Congress (NPC) unfolded, drawing in a diverse mix of delegates from across the nation’s spectrum of elite. This week-long conclave, which saw around 3,000 participants converging in Beijing’s Great Hall of the People, focused on steering the country’s economy towards innovative horizons, particularly in the realm of ‘future technologies.’
A Glimpse into Tomorrow
The NPC’s welcome featured state-of-the-art facial recognition, hinting at the futuristic direction China aims to embrace. Premier Li Qiang’s report spotlighted how emerging technologies, including electric vehicles and space exploration ventures, could offer a lifeline to the nation’s beleaguered real estate sector. “This year’s sessions underscored a strategic pivot towards tech autonomy, a move propelled by the urgency to match pace with global leaders like the USA,” remarked Angela Zhang from the University of Hong Kong.
Pioneering Future Industries
Beyond the surveillance tech, reminiscent of models used by countries like the USA and Israel, China eyes a broader spectrum of futuristic industries as its economic saviors. Bert Hofman of the National University of Singapore points out the potential windfalls of accelerating China’s green transition, suggesting measures like subsidies for electric vehicle purchases to bolster domestic demand.
A Focus on Defence Amidst Technological Ambitions
While the NPC’s discourse on green initiatives remained broad, a clear-cut declaration was made on defense spending, slated to rise by 7.2 percent. The emphasis was on peaceful development, despite a noticeable omission of peace-oriented language concerning Taiwan in Premier Li’s address. “The increased military budget, in reality, might not equate to a real-term boost,” Hofman elucidated, stressing the NPC’s pronounced tilt towards industrial and technological advancement.
Navigating Economic Turbulence
Economic rejuvenation remains a formidable challenge, with sectors like housing under significant strain. The government’s 5 percent growth target for 2024, while optimistic, hinges on avoiding a deflationary downturn. “There’s room for fiscal maneuvers outside the real estate domain to invigorate consumer spending,” Hofman suggests, highlighting modest pension hikes as a step in this direction.
China’s Stance in Global Affairs
The absence of a premier’s press conference left a void in direct insights into China’s global positioning. However, Foreign Minister Wang Yi’s interaction with the press shed light on China’s diplomatic posture, noting a thaw in China-US relations post the Xi-Biden meet in San Francisco. Wang also emphasized the strategic bond with Russia, projecting bilateral ties as a beacon for major power relations.
This year’s NPC has set a distinctive tone, focusing on technological innovation and economic resilience, juxtaposed with a cautious approach to defense and international relations. As China navigates these complex terrains, the global community watches closely, anticipating the implications of these strategic shifts.
