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Why the world keeps close eye on China's 'two sessions 8/3/2021

Why the world keeps close eye on China's 'two sessions

As national lawmakers and political advisors are gathering for the "two sessions," the world is keeping a close eye on how China's annual political event will guide and influence the country's development for the years ahead.To get more LiangHui 2021, you can visit shine news official website.

This year's gathering, which has returned to the regular March schedule after last year's postponement due to the Covid-19 pandemic, takes on special importance.China, a country with a population of 1.4 billion, has just declared a complete victory in eradicating absolute poverty, and will embark on a new journey with the next five-year plan.

During the "two sessions," lawmakers will discuss the economic and social development plan for the 2021-2025 period as well as the long-range objectives through the year 2035.The blueprint that will guide China's development has attracted much global attention.

In the coming years, China will move faster to pursue a new development pattern featuring "dual circulation," where the internal and external markets can reinforce each other, with the domestic market as the mainstay.

In this process, the world community expects China can give full play to the advantage of its super-large market and continue to expand it by boosting domestic consumption.Beijing's firm commitment to greater opening-up means more dynamics and benefits for the global economic recovery and sustainable growth.

The world economy is struggling with a deep recession under the shadow of the pandemic. As the virus is still spreading, the road to recovery will be long and highly uncertain.China has largely brought the pandemic under control and became the only major economy with positive growth last year, and that will give more certainties and possibilities to the world in this stormy moment.

Global investors have cast their votes of confidence in the Chinese market.According to the United Nations (UN) Investment Trends Monitor report in January, global foreign direct investment in 2020 has slumped by 42 per cent from US$1.5 trillion in 2019, while China saw a 4-per cent increase in this field in the same year.

"The most attractive market among global markets is China's domestic market," said Kiyoyuki Seguchi, research director at Japan's Canon Institute for Global Studies."This is a consensus not only among Japanese companies, but also among world-class companies."

As the global fight against poverty has also been beset by the pandemic, many countries are looking to draw inspirations from China in this regard, and to learn more about China's plan for the next stage of development through the "two sessions."Poverty has long been a hard nut to crack for the world, and the pandemic makes the problem all the more difficult to solve.

China, however, did not give up on delivering its promise to end absolute poverty in the country in the face of the pandemic.

Last year, all of the country's nearly 100 million impoverished rural residents living below the current poverty line cast off poverty after eight years' efforts, achieving the UN poverty reduction goal a decade in advance.

By doing so, China has blazed a poverty reduction path and formed an anti-poverty theory with Chinese characteristics. It has also set an example for many other developing countries facing similar challenges.

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