KOTRA Hosts Webinar on Economic Policy Directions After China's Two Sessions

Key Topics of the Two Sessions, Direction of China's Economic Policy, and Current Issues in Korea-China Cooperation Fields

KOTRA will hold a ‘2023 Post-Lianghui China Economic Policy Direction and Supply Chain Changes Webinar’ on the 24th of this month, focusing on the government work report announced at this year’s National People's Congress of China.

The Lianghui is the largest political event in China, held annually in early March. It is a collective term for the National Committee of the Chinese People's Political Consultative Conference (CPPCC), the highest national political advisory body, and the National People's Congress (NPC), which is equivalent to the national legislature. At the NPC, the Premier announces the direction and detailed tasks for China’s economic management for the year through the government work report. This year, as the first year of China’s with-COVID era, the world’s attention was focused on the growth rate target and economic stimulus measures presented by the Chinese government.

Two economic experts from Chinese think tanks will participate as speakers in this webinar to explain the economic policies presented at the Lianghui and the outlook for the supply chain sector. Professor Li Xiaojia from the University of International Business and Economics will start the presentation on the key keywords presented in the NPC government work report and the direction of China’s economic policy. Following this, researcher Ni Hongfu from the Institute of Economics at the Chinese Academy of Social Sciences will present on the outlook for changes in China’s supply chain due to the promotion of policies to build a modern industrial system and on areas of Korea-China cooperation.

Hong Changpyo, head of KOTRA’s China regional headquarters, said, “At this year’s Lianghui, the Chinese government set the GDP growth target at around 5%, the lowest ever, and emphasized stable economic recovery focused on qualitative growth rather than large-scale economic stimulus as the main policy direction. As this is a time when cooperation between Korea and China is expected to expand due to China’s reopening, it is very important to establish a market entry strategy for China based on an understanding of the Chinese government’s policy direction and industrial outlook.”