China’s two sessions: Amid takeaways from Premier Li Qiang’s maiden work report, focus falls on his role under Xi

In the end, Premier Li’s report was long on pledges but short on details, say analysts.

Indeed, key economic targets for the year were laid out as expected – notably the “around 5 per cent” growth in gross domestic product (GDP).

For international investors, this can imply continuity of post-pandemic confidence from 2023 when it also expanded at (around) 5 per cent, Dr Lim told CNA.

“From the Chinese perspective, this may potentially signify sustained post-Covid recovery too,” he added.

Premier Li also promised to transform China’s development model, curb industrial overcapacity, defuse property sector risks and cut wasteful spending by local governments, among other things.

But a timeline or concrete measures for the planned moves was not laid out. “I didn’t see any significant breakthrough,” LKYSPP’s Assoc Prof Wu told CNA, calling it “very much” a routine report.

The report follows previous years’ report template, and the government’s work is not bad given the challenges they’re facing, said Dr Chen Gang, assistant director and senior research fellow at NUS’ East Asian Institute. 

“Key priorities are still about stabilising economic growth, trade, investment and international relations.”

OF REFORMS AND CLEAR COMMUNICATION

Still, experts noted several takeaways.

The continuation of the government’s long-standing stance on reforms and opening up is “very important”, Ms Jing Liu, HSBC’s chief economist for Greater China, told CNA.

She pointed out how Premier Li talked about creating a level playing field for different kinds of enterprises.

Private companies are a major growth driver in China, responsible for 80 per cent of urban jobs and serving as the long-time backbone of the country’s US$18 trillion economy