{"id":10817,"date":"2024-03-20T14:00:00","date_gmt":"2024-03-20T04:00:00","guid":{"rendered":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/?p=10817"},"modified":"2024-05-06T13:41:56","modified_gmt":"2024-05-06T03:41:56","slug":"chinas-two-sessions-2024-highlights-from-green-development-energy-transition-green-finance-carbon-market-and-belt-and-road-initiative","status":"publish","type":"post","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/chinas-two-sessions-2024-highlights-from-green-development-energy-transition-green-finance-carbon-market-and-belt-and-road-initiative\/","title":{"rendered":"China\u2019s Two Sessions 2024: highlights from green development, energy transition, green finance, carbon market and Belt and Road Initiative"},"content":{"rendered":"\n<p><a href=\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/tag\/jing-zhangang\/\">JING ZHAN<\/a><a href=\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/tag\/jing-zhang\/\">G<\/a> AND&nbsp;<a href=\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/tag\/christoph-nedopil-wang\/\">CHRISTOPH NEDOPIL<\/a>&nbsp;&nbsp;|<\/p>\n\n\n\n<p>China&#8217;s annual Two Sessions<a href=\"#_edn1\" id=\"_ednref1\">[i]<\/a> opened on 4 March 2024 and lasted for seven days (typically, the two sessions last about ten days). Much attention was given to China\u2019s 2024 economic growth target of \u201caround 5 per cent\u201d and the lack of a traditional press conference by China\u2019s Premier. The <a href=\"https:\/\/www.gov.cn\/yaowen\/liebiao\/202403\/content_6936260.htm\">2024 Government Work Report<\/a> (GWR 2024) delivered by China\u2019s Premier Li Qiang together with the broader events of the Two Sessions, however, provide important insights into China&#8217;s approach to economic, social, political, and foreign policy agendas and the development path ahead.<\/p>\n\n\n\n<p>Much has already been written about the implications of the two sessions on the general <a href=\"https:\/\/thediplomat.com\/2024\/03\/chinas-two-sessions-announces-a-5-percent-growth-target-and-1-trillion-yuan-national-bond\/#:~:text=The%20Two%20Sessions%20featured%20two,rather%20than%20pursuing%20%E2%80%9Cprogress.%E2%80%9D\">economy<\/a>, <a href=\"https:\/\/asia.nikkei.com\/Politics\/China-s-party-congress\/China-NPC-takeaways-Five-no-s-from-the-legislative-two-sessions\">domestic and international security<\/a>. The focus of this commentary will be on interpreting and contextualising the Two Session\u2019 ambition (or lacking ambition) for green development, which is also encompassed by China\u2019s ambition to strengthen high-quality development (\u9ad8\u8d28\u91cf\u53d1\u5c55) and new productive forces (\u65b0\u8d28\u751f\u4ea7\u529b).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Key takeaways from the Two Sessions on China\u2019s green development:<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>2024 GWR urges greater focus on green industry through new productive forces and the three new, such as solar, battery and electric vehicles<\/li>\n\n\n\n<li>Coal is seen as the peak load rather than baseline for energy security, possibly paving the way to a stronger role of green energy including energy trading<\/li>\n\n\n\n<li>Focus on innovation, including on hydrogen with a 10 per cent growth in the annual budget for science and technology to 370.8 billion yuan (USD 51.6 billion)<\/li>\n\n\n\n<li>Possible gains in energy efficiency (and consumption growth) through equipment renewal and goods trade-in worth 5 trillion yuan (USD 695.1 billion)<\/li>\n\n\n\n<li>Carbon markets to expand with new sectors<\/li>\n\n\n\n<li>No strong new signals for Belt and Road Initiative (BRI)<\/li>\n\n\n\n<li>No strong signals for green finance.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">2024 GWR urges greater focus on green industrial growth<\/h2>\n\n\n\n<p>In the run-up of the Two Sessions, several important documents and meetings were held to define China\u2019s green development. In January, during the 11th collective study session of the Political Bureau of the CPC Central Committee on \u201cPromoting High-quality Development Securely\u201d, China\u2019s President Xi Jinping called for continued emphasis on green development. He stated that \u2018<a href=\"https:\/\/www.gov.cn\/yaowen\/liebiao\/202402\/content_6929446.htm\">green is the underlying colour of high-quality development, and new quality productivity force is green force<\/a>\u2019; China must \u2018unswervingly take the road of prioritising the environment\u2019.<\/p>\n\n\n\n<p>In February, the China Ministry of Industry and Information Technology (MIIT) together with six other ministries released the \u201c<a href=\"https:\/\/www.gov.cn\/zhengce\/zhengceku\/202403\/content_6935684.htm\">Guiding Opinions on Accelerating Green Development of the Manufacturing Industry<\/a>\u201d. The Opinions lay out the need to increase the share of green factories in the manufacturing sector to 40 per cent of the sector\u2019s total output by 2030. The opinions also reiterate China\u2019s \u201c30\/60\u201d targets of peaking emissions by 2030, while it states that by 2035, the industry\u2019s carbon emissions will decrease steadily.<\/p>\n\n\n\n<p>In February, China\u2019s National Development and Reform Commission (NDRC) together nine other departments issued the <a href=\"https:\/\/www.ndrc.gov.cn\/xxgk\/zcfb\/tz\/202402\/t20240229_1364291.html\">Industry Guidance Catalogue of Green and Low-carbon Transition (2024 Edition)<\/a>, defining industries that are considered to be part of China\u2019s energy transition. Similar to the years before and undermining the catalogue\u2019s credibility is the continued inclusion of clean coal production, clean and highly efficient use of coal, and extraction and use of coalbed methane.<\/p>\n\n\n\n<p>During the Two Sessions, the 2024 GWR emphasises the promotion of a green and low-carbon economy through various measures, including green transitions in industry, energy, transportation, and urban and rural development. Specifically, the 2024 GWR provided some more guidance on green manufacturing such as consolidating the industry of new-energy vehicles and developing hydrogen power, while emphasising the imperative for traditional industries to enhance productivity and efficiency to maintain competitiveness. This includes a boost to China\u2019s annual budget for science and technology by 10 per cent to an unprecedented 370.8 billion yuan (USD 51.6 billion), along with an estimated equipment renewal plan totalling 5 trillion yuan (USD 695.1 billion).<\/p>\n\n\n\n<p>The GWR also emphasised the need for coordinated planning and investment guidance in key sectors, highlighting the challenges of overcapacity and low-level redundant construction. Leading players in sectors like solar photovoltaics (PV) and new-energy vehicles (NEVs) had aggressively expanded production capacity, surpassing global demand projections.<\/p>\n\n\n\n<div class=\"wp-block-group has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#d0fbdc\">\n<div class=\"wp-block-group has-text-color has-background has-link-color wp-elements-3c0b9c92851aac1238875d853fbd776f is-layout-constrained wp-block-group-is-layout-constrained\" style=\"color:#005536;background:radial-gradient(rgb(247,249,243) 39%,rgb(163,246,174) 100%)\">\n<h4 class=\"wp-block-heading\"><br>    Highlights from the Two Sessions and the GWR 2024 on industry priority<\/h4>\n\n\n\n<p>    China will strive to modernise the industrial system and developing new quality productive forces <br>    at a faster pace, by: <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>upgrading industrial and supply chains\n<ul class=\"wp-block-list\">\n<li>China will <strong>carry out technology transformation and upgrading<\/strong> <strong>in the manufacturing sector<\/strong>, foster and build up advanced manufacturing clusters, and develop national demonstration zones for new industrialisation to <strong>make traditional industries higher end, smarter, <\/strong><br><strong>and greener<\/strong><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>fostering emerging and future industries\n<ul class=\"wp-block-list\">\n<li>China will consolidate and enhance the leading position in industries such as intelligent connected <strong>new-energy vehicles<\/strong>, step up development of <strong>hydrogen power, new materials<\/strong>, innovative drugs and other cutting-edge sectors, and foster new growth engines in fields <br>such as biomanufacturing, commercial spaceflight, and the low-altitude economy<\/li>\n\n\n\n<li>China will <strong>strengthen coordination, planning, and investment guidance<\/strong> for key sectors to prevent overcapacity and poor quality, redundant development.<\/li>\n\n\n\n<li>China will boost the green and low-carbon economy, by:\n<ul class=\"wp-block-list\">\n<li>pushing forward with the green transition in industry, energy, transportation, and urban-rural development<\/li>\n\n\n\n<li>upgrading water and energy conservation facilities in key sectors <\/li>\n\n\n\n<li>improving fiscal, tax, financial, investment, and pricing policies<\/li>\n\n\n\n<li>promoting the industry development for recycling waste and used materials<\/li>\n\n\n\n<li>launching pilot zones for the Beautiful China Initiative.<br><br><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Equipment renewal and goods trade-in expected to accelerate green growth and energy efficiency<\/h2>\n\n\n\n<p>The 2024 GWR set a target of reducing energy intensity by approximately 2.5 per cent for 2024. This is slightly higher than the 2 per cent target in 2023 (which was not met, as the energy intensity in 2023 increased), but lower than the annual reduction of 3.3 per cent<sup>1<\/sup> 2009 to 2019. In order to meet the target set in the 14th five-year plan of 13.5 per cent energy intensity reduction between 2020 levels by 2025, China would need an average of 2.9 per cent energy intensity reduction per year.<\/p>\n\n\n\n<p>To boost energy efficiency (and overall consumption growth), Minister of Commerce Wang Wentao shared the <a href=\"https:\/\/www.chinanews.com.cn\/cj\/2024\/03-09\/10177082.shtml\">trade-in list<\/a> of durable goods to boost private consumption to include cars, home appliances, home d\u00e9cor, kitchen and bathroom items, etc. which all could reduce energy consumption in private households. <a href=\"https:\/\/www.moomoo.com\/news\/post\/34922255?level=1&amp;data_ticket=1706143634705507\">Shanghai<\/a> rolled out green appliance subsidies from March 30 to December 31, 2024, offering up to 10 per cent or a maximum of 1,000 yuan.<\/p>\n\n\n\n<p>Possibly more important, extensive <a href=\"https:\/\/news.cctv.com\/2024\/03\/06\/ARTIaDaDapeqF8TseAXhorNf240306.shtml\">equipment renewals<\/a> will be promoted in key industries such as construction, municipal infrastructure, transportation, agriculture, education, and healthcare sectors. According to the &#8220;<a href=\"https:\/\/www.gov.cn\/yaowen\/liebiao\/202403\/content_6935504.htm\">Action Plan for Promoting Large-Scale Equipment Updates and Trade-in of Consumer Goods<\/a>&#8221; equipment investment in the above-mentioned sectors will increase by over 25 per cent by 2027 compared to 2023. The plan specifies that equipment updates will prioritise two key objectives: reducing energy consumption and enhancing efficiency, with emphasis placed on adopting high-end, intelligent, green, and digital technologies, which are crucial for fostering new quality productivity.<\/p>\n\n\n\n<p>Zheng Shanjie, Director of the NDRC \u2013 China\u2019s powerful equivalent to an economics ministry, <a href=\"https:\/\/www.ccdi.gov.cn\/toutiaon\/202403\/t20240311_333446.html\">projected<\/a> a one-trillion-yuan market from trade-ins of cars and home appliances, with an annual scale exceeding five-trillion-yuan from manufacturing equipment renewals.<\/p>\n\n\n\n<div class=\"wp-block-group has-text-color has-background has-link-color wp-elements-1007aab19895a14d41b6f39780ff4f0a is-layout-constrained wp-block-group-is-layout-constrained\" style=\"color:#005536;background:radial-gradient(rgb(244,249,236) 52%,rgb(140,251,155) 100%)\">\n<h4 class=\"wp-block-heading\"><br>    Highlights from the Two Sessions and the GWR 2024 on consumption<\/h4>\n\n\n\n<p>    China will promote green consumption, by: &nbsp; <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>encouraging consumer goods trade-in programs and boost spending on intelligent connected new-energy vehicles, electronic products, and other big-ticket items<\/li>\n\n\n\n<li>developing new types of green consumption such as smart homes, entertainment, tourism, sports events, and domestic brands with Chinese design elements.<br><\/li>\n<\/ul>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Coal as a peak load energy source rather than baseload, signalling stronger trust in renewable energies<\/h2>\n\n\n\n<p>The expansion of green and low-carbon energy sources is poised to continue in 2024, with adjustments in the energy structure emphasising the construction of large bases and external transmission channels, as well as the development of distributed energy and energy storage. China&#8217;s &#8220;14th Five-Year Plan&#8221; prioritised the swift development of large-scale wind and photovoltaic bases, for example in the Gobi Desert. These bases are projected to reach a combined installed capacity of 455 million kilowatts by 2030, with the first batch of around 100 million kilowatts currently in progress for grid integration, as per data from the 2024 <a href=\"https:\/\/www.ndrc.gov.cn\/fzggw\/wld\/zjh\/ldtd\/202312\/t20231222_1362855.html\">National Energy Work Conference<\/a>. Notably, projects like the China General Nuclear Power Group <a href=\"http:\/\/www.sasac.gov.cn\/n2588025\/n2588124\/c29549735\/content.html\">Xing&#8217;an League 3-million-kilowatt wind power project<\/a> have connected to the grid at full capacity on December 10, 2023. Approvals for the further batches, exceeding 50 million kilowatts signify a significant reinforcement of the large-scale bases in wind and photovoltaic power sector in 2024.<\/p>\n\n\n\n<p>At the same time, the 2024 GWR reiterated the significance of energy security. It urged for the expedited exploration and development of oil, gas, and strategic mineral resources, but also advocates for gradually shifting thermal power, mainly coal power.<\/p>\n\n\n\n<p>An important aspect is the notion that coal was referred to as peaking power supply rather than base load supply (<a href=\"https:\/\/www.gov.cn\/yaowen\/liebiao\/202403\/content_6939153.htm\">\u53d1\u6325\u7164\u70ad\u3001\u7164\u7535\u515c\u5e95\u4f5c\u7528<\/a>). Major coal-producing provinces like <a href=\"https:\/\/www.coalchina.org.cn\/index.php?m=content&amp;c=index&amp;a=show&amp;catid=40&amp;id=152052\">Shanxi<\/a> are shifting their production priorities from growth to stability in their 2024 energy work conference. Since January 2024, China has reinstated <a href=\"https:\/\/www.gov.cn\/zhengce\/zhengceku\/202312\/content_6923614.htm\">coal import tariffs<\/a> ranging from 3 to 6 per cent. This move could indicate an effort to decrease coal imports as part of the country\u2019s environmental initiatives. Additionally, the tariffs may help increase government revenue as risk to supply chains have been reduced with more diverse coal import sources, including from Indonesia, Mongolia, Russia, and Australia.<\/p>\n\n\n\n<div class=\"wp-block-group has-text-color has-background has-link-color wp-elements-f3428c344f91dd2ae3ca4e20335d32b3 is-layout-constrained wp-block-group-is-layout-constrained\" style=\"color:#005536;background:radial-gradient(rgb(240,249,225) 56%,rgb(131,243,146) 100%)\">\n<h4 class=\"wp-block-heading\"><br>    Highlights from the Two Sessions and the GWR 2024 on energy transition<\/h4>\n\n\n\n<p>    China will advance the energy revolution, tighten control over fossil fuels consumption, and work <br>    faster to develop a new energy system, by: <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>building <strong>large-scale<\/strong> <strong>wind and photovoltaic power bases and transmission routes<\/strong> and promoting the <strong>development and use of distributed wind and photovoltaic power<\/strong><\/li>\n\n\n\n<li>creating <strong>new ways of storing energy<\/strong> and encourage <strong>the use and international mutual recognition of green electricity<\/strong><\/li>\n\n\n\n<li>acknowledging the significant role of coal and coal-fired power <strong>but labelling coal as a peak load rather than base load power source<\/strong>. <br><\/li>\n<\/ul>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Carbon markets posed for expansion<\/h2>\n\n\n\n<p>The 2024 GWR&#8217;s confirmation of the inclusion of new industries responds to long-standing calls for expanding the national carbon market, although the specific industries to be added remain unclear. Notably, the cement and electrolytic aluminium sectors are prime candidates for inclusion, owing to their straightforward process flow, readily accessible data, and high accuracy. Another piece of evidence is the &#8220;<a href=\"https:\/\/www.mee.gov.cn\/xxgk2018\/xxgk\/xxgk06\/202310\/t20231018_1043427.html\"><em>Notice on Verification of Greenhouse Gas Emission Reports of Enterprises in Certain Key Industries from 2023 to 2025<\/em><\/a>&#8221; issued by the Ministry of Ecology and Environment (MEE) in October 2023, emphasises the need for advanced completion by the cement, electrolytic aluminium, and steel sectors, updating their carbon emissions accounting guides.<\/p>\n\n\n\n<p>Furthermore, a strong focus was put on a strengthening of the carbon footprint and verification system. \u00a0The draft of the national standard &#8220;<a href=\"https:\/\/std.samr.gov.cn\/gb\/search\/gbDetailed?id=02DDAC680675AD4CE06397BE0A0A1546\"><em>Carbon footprint of products \u2014 Requirements and guidelines for quantification<\/em><\/a>&#8221; is open for public comments, while the &#8220;<a href=\"https:\/\/www.cnas.org.cn\/zxtz\/913103.shtml\"><em>Accreditation Scheme for Product Carbon Footprint Validation and Verification Bodies<\/em><\/a>&#8221; is publicly solicited as well. Tao Qing, spokesperson of the MIIT, announced that the MIIT intends to <a href=\"https:\/\/www.gov.cn\/lianbo\/fabu\/202401\/content_6927364.htm\">develop carbon footprint rules and standards for around 100 key products<\/a> in 2024.<\/p>\n\n\n\n<div class=\"wp-block-group has-text-color has-background has-link-color wp-elements-1c4f081858a650b0c3d0063d1e628f71 is-layout-constrained wp-block-group-is-layout-constrained\" style=\"color:#005536;background:radial-gradient(rgb(246,249,241) 52%,rgb(138,248,153) 100%)\">\n<h4 class=\"wp-block-heading\"><br>    Highlights from the Two Sessions and the GWR 2024 on carbon target<\/h4>\n\n\n\n<p>    China will actively and prudently work toward \u201cdual carbon\u201d targets, by:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>expanding the coverage of the national carbon market to more sectors<\/li>\n\n\n\n<li>developing a carbon footprint management system.<br><\/li>\n<\/ul>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">&#8220;Small and green&#8221; benchmarks take precedence in the Belt and Road Initiative (BRI)<\/h2>\n\n\n\n<p>The 2024 GWR re-emphasised that China will implement both signature projects and &#8220;small yet beautiful&#8221; projects in the BRI. One driver of the shift towards smaller yet beautiful project is risk aversion as larger projects face financial challenges under international scrutiny, and the imperative to address global scepticisms regarding the benefits of previous large infrastructure and energy projects<\/p>\n\n\n\n<p>The Opinions of the Central Committee of the Communist Party of China and the State Council on <a href=\"https:\/\/www.gov.cn\/zhengce\/202307\/content_6893055.htm\">Promoting the Development and Growth of the Private Economy<\/a> strongly advocate for private enterprises to broaden their overseas ventures and actively engage in the collaborative efforts of the BRI. <a href=\"https:\/\/www.mj.org.cn\/mjfc\/mtjj\/202403\/t20240308_284780.htm\">Xu Shilong<\/a>, Chairman of Shanghai Port Group, proposed private enterprises collaborate technologically to bolster international competitiveness and minimise internal friction. <a href=\"http:\/\/finance.people.com.cn\/n1\/2024\/0306\/c1004-40190175.html\">Wang Tongzhou<\/a>, Chairman at China Communications Construction Co. Ltd., suggested expediting alignment with international green standards and facilitating Chinese regulation globalisation.<\/p>\n\n\n\n<div class=\"wp-block-group has-background is-layout-constrained wp-block-group-is-layout-constrained\" style=\"background:radial-gradient(rgb(248,249,244) 50%,rgb(141,251,156) 100%)\">\n<h4 class=\"wp-block-heading\">\u00a0<br>Highlights from the Two Sessions and the GWR 2024 on BRI<\/h4>\n\n\n\n<p>China will strive for solid progress in high quality BRI cooperation, by:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>steadily advancing cooperation on major projects and implementing a number of \u201csmall yet beautiful\u201d projects for improving the people\u2019s wellbeing <\/li>\n\n\n\n<li>promoting cooperation in fields such as digital, green, innovation, health, culture, tourism, and poverty reduction.<br><\/li>\n<\/ul>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Green finance persists to support green growth and energy transition<\/h2>\n\n\n\n<p>While China leads as the world&#8217;s largest green loans market, it continues to face challenges such as inconsistent standards, incomplete disclosure, and inadequate instruments for a broad and internationally aligned green finance system. Huo Yingli, Secretary of the Party Committee of China Foreign Exchange Trading Centre,&nbsp; proposes in Two Sessions on unified green loan standards, expanded Equator Principles adoption, and China-EU &#8220;<a href=\"http:\/\/www.pbc.gov.cn\/en\/3688006\/3995557\/4382112\/index.html#:~:text=The%20CGT%20includes%20a%20list,solid%20waste%20management%20and%20forestry.\">Common Ground Taxonomy (CGT)<\/a> &#8221; standards implementation to attract foreign investment. Thus, the construction of the green finance system, especially transition finance, will persist in 2024.<\/p>\n\n\n\n<p>The 2024 GWR, however, did not really focus on green finance innovation. However, it hinted at the role finance can play at supporting importing technologies and knowledge to facilitate China\u2019s \u201chigh-quality development\u201d and \u201cnew quality productive forces\u201d, particularly in areas where China is seeking greater involvement from private and foreign investors.<\/p>\n\n\n\n<div class=\"wp-block-group has-text-color has-background has-link-color wp-elements-f407f96637e1435cb4e3397dfa20456b is-layout-constrained wp-block-group-is-layout-constrained\" style=\"color:#005536;background:radial-gradient(rgb(241,246,234) 46%,rgb(138,248,153) 100%)\">\n<h4 class=\"wp-block-heading\"><br>  Highlights from the Two Sessions and the GWR 2024 on green finance<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Steady path for green financePotential role of green finance to support import of technology <br>into China.\u00a0<br><\/li>\n<\/ul>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Summary<\/h2>\n\n\n\n<p>The 2024 GWR and the Two sessions had more highlights for green growth than met the eye. While there was little new for greening the BRI or greening finance, three developments&nbsp; stand out: first is that coal might be on the way to become a peak load rather than a base load source of energy opening doors for stronger green energy growth and thus emission reduction; second is the expansion of the carbon markets to include more sectors and have stronger carbon accounting standards across the industry; and third, is a new \u2018high quality\u2019 growth model that might accelerate energy efficiency through industry upgrading and equipment renewal programs. These initiatives continue China\u2019s push and investment in new green industries, which have become strategic to China\u2019s economic and national security.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<p><a id=\"_edn1\" href=\"#_ednref1\">[i]<\/a> China&#8217;s &#8220;two sessions&#8221; refer to the annual meetings of the National People&#8217;s Congress (NPC) and the Chinese People&#8217;s Political Consultative Conference (CPPCC), which are significant events in the country&#8217;s political calendar. The NPC is China&#8217;s top legislative body, and the CPPCC serves as a political advisory group. These sessions involve thousands of delegates from various sectors, including government, business, and the arts, who gather to discuss and ratify legislation, government appointments, and the national budget.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<p><strong>AUTHORS<\/strong><\/p>\n\n\n\n<p><strong>Dr Jing Zhang<\/strong> is a Griffith Asia Institute Research Fellow and <strong>Professor <\/strong><strong>Christoph Nedopil<\/strong> is the Director of the Griffith Asia Institute.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JING ZHANG AND&nbsp;CHRISTOPH NEDOPIL&nbsp;&nbsp;| China&#8217;s annual Two Sessions[i] opened on 4 March 2024 and lasted for seven days (typically, the two sessions last about ten days). Much attention was given to China\u2019s 2024 economic growth target of \u201caround 5 per cent\u201d and the lack of a traditional press conference by China\u2019s Premier. The 2024 Government<a href=\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/chinas-two-sessions-2024-highlights-from-green-development-energy-transition-green-finance-carbon-market-and-belt-and-road-initiative\/\">Continue reading <span class=\"sr-only\">&#8220;China\u2019s Two Sessions 2024: highlights from green development, energy transition, green finance, carbon market and Belt and Road Initiative&#8221;<\/span><\/a><\/p>\n","protected":false},"author":14,"featured_media":10818,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[1170,2063,245,1974,2161],"tags":[2001,653,2118,1908,2117,1775,2028,2116],"class_list":["post-10817","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commentary","category-green-transition-and-development","category-china-and-north-east-asia","category-sdg-12-responsible-consumption-and-production","category-sdg7","tag-belt-and-road-initiative","tag-bri","tag-carbon-market","tag-christoph-nedopil-wang","tag-green-development","tag-green-finance","tag-jing-zhang","tag-two-sessions"],"acf":[],"modified_by":"Jill Moriarty","yoast_head":"<!-- This site is optimized with the 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