Two meetings; Around 5% GDP growth; Xi's vision; Xi on the private sector
Summary of the Essential Eight:
1. The Two Meetings - The 2023 GDP target of “around 5%” is lower than some expected and likely means there will be less stimulus than some were hoping for, but it is more achievable and realistic than 6% or more. In this section I highlight some of the key targets and numbers from the work report and the budget report, as well as some of the interesting coverage of the weekend meetings. There is a lot more to parse through over the next few days.
2. Xi articulates his vision to the Jiangsu NPC delegation - Xi held his first breakout session at the NPC with the Jiangsu delegation, of which he is also a member. He used the meeting to push key themes for the future, from the new development philosophy to self-reliance in science and technology to food security to supporting people’s livelihoods and strengthening grassroots governance, among other concepts. In his comments on grassroots governance he called on the delegates to “carry on and develop the "Fen…