NPC & CPPCC 2007 Annual Sessions open

SteelOrbis Shanghai On March 5, 2007, the National People's Congress (NPC) and the Chinese People's Political Consultative Conference (CPPCC) got underway. As China's top legislative and top political advisory body, the conference will discuss the report on government work delivered by Premier Wen Jiabao, in addition to the reports on the work of the Supreme People's Court and the Supreme People's Procuratorate, and also the drafts of the property rights law and the corporate income tax law. The National People's Congress will last eleven and a half days, concluding on the morning of March 16. In his report on government work, the delivery of which began at 9 a.m. on Monday, March 5, Chinese Premier Wen Jiabao summarized the government's 2006 achievements under seven headings - improved macroeconomic regulation, strengthened rural development, accelerated economic structure adjustment, increased reform and opening-up, progress in education and other social areas, progress in employment and social security, and intensified work on developing the legal system. However, he also admitted that “a number of serious problems affecting the people's interests have not been properly addressed”. According to Premier Wen, the major targets for national economic and social development this year are as follows: around eight percent growth in GDP; an additional nine million jobs in urban areas; urban unemployment of less than 4.6 percent; an increase in the Consumer Price Index not greater than three percent; improved balance of payments. The Chinese government appears to have adopted a quite conservative approach towards economic growth this year. China's 2006 GDP increased 10.7 percent, while CPI for the year was up 1.5 percent. Thus, compared to last year, the projected data for this year are relatively low. However, many economists and research institutes have estimated that the 2007 GDP growth will be maintained at around 10 percent, with CPI at around two percent. China's macro-economy is expected to be characterized by continued high growth and low inflation in 2007.