Every year, China’s legislative body, the National People’s Congress (NPC), and its advisory body, the Chinese People’s Political Consultative Conference (CPPCC), convene in Beijing for parallel meetings known as the ‘Two Sessions’. At these meetings, top leadership unveil their priorities and development goals for the year ahead, allowing the Chinese people and the international community to understand their vision for the world’s second-largest economy.
A property crisis, deflationary pressure, mounting local government debt: economic managers have their hands full this year. Despite the many challenges they face, Beijing projected confidence in the economy and rolled out an ambitious growth target at this year’s Two Sessions. While no major stimulus measures were announced, Chinese leaders aimed to signal the markets by laying out a plan for moderate fiscal intervention, deepening reforms, and expanding top-level access. As in years past, reports emphasized the need for stability, but a steady growth also emerged as a key priority. Pursuing progress while ensuring stability thus is the prevailing guidance laid out in the Government Work Report (GWR) this year, with steady economic development and overall social stability as long-standing objectives.
In this advisory, we present the policy direction for 2024 and assess its impact on the market. With sector-specific highlights across technology, health, and consumer, we off er strategic recommendations for how brands should leverage these policies to maximize growth in China’s challenging yet dynamic market
