The Chinese leadership gets ready to implement its grand plan for 2018 and beyond

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The first session of the 13th National People's Congress (NPC) and the first session of the 13th National Committee of the Chinese People's Political Consultative Conference (CPPCC) – referred to as “Two Sessions”- was held in Beijing on 5-20 March 2018.

During the Two Sessions, the Communist Party of China (CPC) has outlined the government work plan for 2018, orchestrated the amendment to the country’s Constitution, managed the reshuffle of the Party and government organisations and appointed new heads of state and departments.

PwC has developed an in-depth review of the Two Sessions, including the business relevance for potential investors and corporations operating in China.

Here are the key highlights:

Government’s work priorities for 2018

  1. Stepping up supply-side structural reforms  
  2. Making China a leading country in innovation
  3. Deepening reform in fundamental sectors
  4. Fighting three critical battles: addressing financial risks, poverty and pollution issues
  5. Implementing rural revitalisation strategy
  6. Promoting coordinated regional development strategy
  7. Increasing consumption and promoting effective investment
  8. Creating a new landscape in all-around opening up
  9. Ensuring and improving people's wellbeing

 

How your business will be affected

  • Bolder reform and opening up measures
  • Reaping the benefits of China’s consumer
  • Great investment opportunities in the digital economy
  • New opportunities in the healthcare market
  • Investing into high-value-added industries
  • Wider access to the financial markets
  • Focusing on the Belt & Road Initiative

 

Overall, China’s commitments of pursuing supply-side reforms, opening up more sectors for participation of foreign and local private companies, lowering the cost of doing business, spurring innovation and improving the livelihood of the people are encouraging news for the business community.

The results of the Two Sessions, including a leaner and more efficient government, will help enhance political stability, improve commercial predictability and raise people’s confidence in doing business in China, as the country marches on its long journey to build it into a great modern socialist country by the middle of the 21st century as laid out in the 19th Party Congress and the Two Sessions.

Contact us

Frank Lyn
China and Hong Kong Markets Leader
Tel: +[86] (10) 6533 2388
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Thomas Leung
China & Hong Kong Deputy Markets Leader and China South Markets Leader
Tel: +[86] (10) 6533 2838
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Elton Huang
China Central Markets Leader and Shanghai Office Lead Partner
Tel: +[86] (21) 2323 3029
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Xing Zhou
China North Markets Leader, Beijing Office Lead Partner, China & Hong Kong Territory Diversity Leader and China Insurance Leader, PwC China
Tel: +[86] (10) 6533 7986
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