1、Reading the tea leaves:Decoding Chinas 2024 Two SessionsEconomic growth targetFiscal and monetary policy New quality productive forcesInstitutional reformDomestic demandForeign trade and investmentGreen and low-carbon development Property sector and local debts 36912151720222Reading the tea leaves:D

2、ecoding Chinas 2024 Two SessionsChinas Two Sessions(Lianghui)refer to the annual plenary sessions of the countrys two major political bodies,the National Peoples Congress(NPC)and the Chinese Peoples Political Consultative Conference(CPPCC).During the Two Sessions this year,Chinese Premier Li Qiang d

3、elivered his first Government Work Report(the Report).The Report offers an economic blueprint that provides businesses and investors with first-hand insights into the thinking of Chinas policymakers and their priorities for the coming year.This years Two Sessions have been closely watched for any si

4、gns of major government policy to support growth and navigate the ongoing economic transformation.The Report also offers a glimpse into Chinas industrial policy that will have a significant bearing on both state and private investment.In our China Economic Quarterly Q4 2023(CEQ Q4),we analysed China

5、s economic data for 2023 and developed our views on Chinas outlook for 2024 in the areas of GDP,the property sector,a pivot towards high-tech sectors,domestic consumption,as well as foreign trade and policy stimulus.The Report touched on most of these areas that we covered.In this review,we build up

6、on our CEQ Q4 analysis to decode the key policy messages from this years Two Sessions.Economic growth targetPremier Li Qiang announced Chinas GDP growth target of around 5%for 2024,along with a series of detailed economic development targets ranging from the unemployment rate and CPI to balance of p