This year, the Chinese Communist Party is holding two important sessions: the 20th National Congress of the CCP and the National Committee of the Chinese People’s Political Consultative Conference. The 20th National Congress is the “top priority” of China this year. However, both sessions of the CCP will face the challenge of a domestic economic recession.
According to Takungpao.com reports on Feb. 25, Ma Fengguo, a representative of the National People’s Congress of Hong Kong, said that at least ten representatives of the National People’s Congress did not attend this year’s two sessions because they had close contact with people infected with the epidemic or stayed in Hong Kong to participate in the anti-epidemic work.
Hong Kong “Ming Pao” reported on February 22 that, the National Committee of the Chinese People’s Political Consultative Conference would open on March 4. This year’s “two sessions” are the last annual meeting of the CCP, but they coincide with the 20th National Congress of the Communist Party of China. Although there was no important agenda, but Xi Jinping required “safety first” and no “slight difference.”
China’s official media “Chinanews.com” reported on Feb. 22 that under the triple pressure of “shrinking demand, supply shocks, and weakening expectations,” the situation facing China’s economy has become more severe and complex.
According to a report by Bloomberg on February 21, in an analysis of budget reports released by China’s 30 provinces, some localities expect general revenue this year to fall short of the projected national economic growth target of at least 5 percent. In addition, a downturn in the housing market is likely to continue to affect land sales revenue in most regions, with the wealthiest provinces being hit the hardest.