The successful completion of the Two Sessions at the end of May sent out a strong signal that China is returning to normalcy following the COVID-19 pandemic. The third session of the 13th National People’s Congress (NPC) and National Committee of the Chinese People's Political Consultative Conference (CPPCC) took place between 21 May and 28 May in Beijing.
Due to the COVID-19 pandemic, the Two Sessions were postponed for more than two months as compared to previous years. The duration was also cut short to eight days in 2020, from around two weeks in the past. Despite it being postponed and a shorter duration this year, the accomplishments of the Two Sessions are significant and the impact on the domestic economy, business and Chinese society will last for years. For example, China did not set an official GDP growth rate target for 2020. This previously only happened in the years between 2000 and 2002 due to the economic adjustment triggered by the Asian financial crisis that occurred in 1997 to 1998.
PwC has developed an in-depth review of this year’s Two Sessions, summarising the significance and business implications for the economy and business.
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