China prepares for a big annual meeting to chart a growth strategy

CNBC reports that the Chinese government is set to kick off an annual parliamentary meeting this week for approving national priorities for 2021.

The otherwise generally symbolic meeting takes on particular significance this year as it marks the beginning of China’s five-year development plan — the 14th such in the country’s history — and the 100th anniversary of the ruling Communist Party.

Authorities are expected to lay out details on topics ranging from employment targets to management of the semi-autonomous region of Hong Kong.

The “Two Sessions” parliamentary meeting is slated to begin Thursday with the opening of the Chinese People’s Political Consultative Conference, an advisory body. The National People’s Congress legislature is scheduled to kick off its annual gathering on Friday.

That’s usually when the government releases its economic work report, a document laying out GDP, employment, inflation and other growth goals.

Most economists do not expect authorities will release a GDP target this year, after making a rare decision not to do so at last year’s parliamentary meeting, which was delayed by about two months due to the coronavirus pandemic.