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CCP-Econ Faces Triple Pressure-Low Demand, Supply Shock, Weak Expectation

CHINA

MNI (London) - Comments from the Chinese Communist Party Central Committee being reported by state media there ahead of the 'Two Sessions' (Lianghui) meetings of the National People's Congress (NPC) and the Chinese People's Political Consultative Conference (CPPCC) getting underway on 5 and 4 March respectively. Central Committee: 'Triple pressures on country's development include demand contraction, supply shock, weakened expectation.' Central Committee: 'The foundation of economic recovery is not yet solid, and various unexpected factors may occur at any time.'

  • Central Committee: 'Reform, development and stability are still facing many deep-seated contradictions.'
  • Central Committee: '[We] must be prepared to withstand the test of high winds and sudden waves as China enters a period of increasing uncertainties...to effectively fend off major economic and financial risks'
The meeting of the 14th NPC will be the first in-person session since the end of China's zero COVID policy, and will see new individuals brought into the positions of Premier and Vice-Premier, with close allies of President Xi Jinping - Li Qiang and He Lifeng - seen as on course to gain the roles. These positions have notable influence over China's economic policy, overseeing all gov't departments and the PBoC. The NPC is also expected to approve the new PBoC governor, rumouredby Bloombergto be 'veteran banker Zhu Hexin'.
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