Primary takeaways
The Deputy Director of China’s National Development and Reform Commission, Zhao Chenxin, indicated the government’s desire to create a more attractive policy environment for foreign investment. At the same time, he outlined the Chinese government’s plan to reduce dependence on imports, and to achieve a more self-sufficient economy. Zhao stressed this did not imply any scaling back of China’s efforts to open internationally, or an ambition to achieve complete self-sufficiency.
The continuing importance of Hong Kong to China’s development was demonstrated by the frequent mentions the city received in the official National Congress report. This led local Hong Kong lawmakers to highlight the part the mainland should play in helping Hong Kong address issues in employment, education and housing whilst improving overall development opportunities for the city’s youth.
Other important commentary
Economy
- In a speech to delegates, Prime Minister Li Keqiang said reform must be advanced. He stressed the importance of developing a socialist market economy, ensuring fair competition, and continuing the process of opening internationally.
- Zhao Chenxin said China will promote foreign investment projects, improve services for overseas organizations, and establish investment cooperation platforms to enhance collaboration between foreign enterprises and local governments.
- Alongside self-sufficiency, the theme of developing both internal and external markets has featured several times at the Congress. Spokespersons cited Xi Jinping’s belief that China needs to operate in a dual circulation model, open both domestically and internationally
COVID-19 Policy
- Addressing media questions about China’s COVID-19 policy, a congress spokesperson indicated that China did not want to take a ‘one-size-fits-all’ approach to the pandemic. As part of this, he said that the country would end the unplanned closures of critical enterprises that have caused disruption to both supply chains and everyday life.
Geopolitics
- Numerous Taiwanese scholars believe the language used about Taiwan during the Congress so far shows a hardening of attitude towards Taiwanese independence. This follows statements made yesterday by President Xi about Chinese sovereignty
ESG
- China has pledged to take measures to ensure its CO2 emissions peak before 2030, allowing it to achieve carbon neutrality by 2060.