China signals economic optimism as ‘two sessions’ convene

Liu Jieyi

3rd March 2024 – (Beijing) In a prelude to the annual session of the Chinese People’s Political Consultative Conference (CPPCC), spokesperson Liu Jieyi highlighted the resilience and potential of the Chinese economy. “Our nation is poised for sustained, high-quality development, underpinned by a solid foundation and favourable conditions,” Liu proclaimed, ahead of Monday’s session.

The optimism was punctuated by reports of a significant uptick in domestic tourism spending during the Lunar New Year holidays, with a 47% increase in expenditure from the previous year, according to Liu. This surge is being interpreted as a bellwether for China’s vast consumption capabilities.

However, this positive outlook is not without its detractors. Questions linger over the sustainability of China’s economic growth and the vigour of private sector investment. In response, Liu underscored the importance of the CPPCC as a conduit for economic discourse, noting that the advisory body has been active in conveying the concerns and insights of CPPCC members, many of whom are entrepreneurs, to the Communist Party and state apparatus.

Beijing’s commitment to bolstering private sector confidence was reiterated, with the private economy hailed as a cornerstone for innovation and employment. Liu emphasised the incorporation of business insights into policy formulation to foster a conducive business environment.

The pressing issue of youth employment also featured prominently, with Liu detailing the allocation of over 300 billion yuan in employment initiatives. The aim is to sustain and stabilize the positive employment landscape through a mix of pragmatic policies.