Sunday, April 21, 2024

China People's Congress | China's annual congress from tomorrow; The world's attention to financial decisions, but… | leader


Leading Online Desk : The annual meeting of China's National People's Congress begins on March 5 amid a burst real estate bubble, unemployment and sluggish growth. This meeting will continue till March 11. The National People's Congress is a type of parliament in China that meets once a year and is attended by 3,000 members. (China People's Congress)

The meeting is usually held for a week at the Great Hall of the People in Beijing. It passes laws, and transfers senior officials. They are then formed into small groups and entrusted with the helm of government, these small groups meet throughout the year. (China People's Congress)

But this parliament does not have much power. Decisions are taken by the President of China behind closed doors, and only sealed. But from this Congress, the official role of the Left Party in China is understood, predictions are made about how it will affect China and the world, so the Congress is important.

The economy in China had been doing well for a few decades, so the Congress did not have much of a problem. This year, however, this situation has completely changed. China's economy is mired in a slump in the real estate sector. Millions of Chinese people have their money tied up in buying flats, who never actually got a flat. On the other hand, the number of unemployed in China is increasing, the local self-governing bodies are getting into debt. Due to the increasing debt burden on the local administration, the government is unable to invest enough even in infrastructure projects.

Attention to Xi Jinping's speech China People's Congress

In this situation, China and the world will be paying attention to President Xi Jinping's messages. Before the session of the Congress, the President's speech presents a report on what the government has done in the previous 12 months. After that, what the party has planned for the next year is arranged.

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