The “Two Sessions” held in China set forth pivotal economic objectives, including a 5% GDP growth target and various measures of employment and investment. Premier Li Qiang emphasized commitment to opening China’s economy to foreign investments. The discussions also highlighted China’s supportive role in Africa’s development, which can directly benefit strategic partners like Nigeria through enhanced cooperation and trade agreements.
The “Two Sessions” refers to the annual meetings of the National People’s Congress (NPC) and the Chinese People’s Political Consultative Conference (CPPCC) held in Beijing from March 4 to 6. This event is attended by top Chinese officials, including President Xi Jinping and Premier Li Qiang, as they discuss critical national economic and social development goals, budgetary targets, and strategies for growth.
During the most recent sessions, the Chinese government set several key objectives, including a GDP growth target of 5%, an urban unemployment rate maintained at approximately 5.5%, and the creation of over 12 million new urban jobs. Other goals include a consumer price index (CPI) increase of around 2%, enhancements in personal income aligned with economic growth, and a minimum grain output of 700 million metric tons. Additionally, China aims for a 3% decrease in energy consumption per GDP unit.
In his address, Premier Li Qiang emphasized the importance of stabilizing employment and improving the welfare of the population while noting that external factors would influence China’s economic strategies. He reiterated China’s commitment to opening its economy to foreign investment by hosting major international trade events, thus positioning China as a prime destination for global investors who will receive enhanced support and services.
Chinese Foreign Affairs Minister Wang Yi elaborated on China’s foreign policy during the sessions, advocating for cooperation among countries in the Global South. He indicated that more than 40% of global GDP originates from these regions, underlining their vital role in maintaining international peace and fostering global development. Yi remarked, “the hallmark of our era is the prominent, growing strength of the Global South.”
Specifically regarding Africa, Wang Yi highlighted the longstanding partnership between China and Africa, celebrating the 25th anniversary of the Forum on China-Africa Cooperation (FOCAC). He noted China’s significant contributions to African infrastructure, including the establishment of railways and the creation of over 1.1 million jobs in recent years, asserting, “There will be no global modernization without African modernization.”
Analysts suggest Nigeria, a strategic partner of China, stands to benefit greatly from the initiatives laid out during the Two Sessions. Nigeria and China are committed to enhancing their partnership and have recently pledged to elevate their relationship to a “Comprehensive Strategic Partnership”. This strategic elevation is intended to bolster civil engagements and promote trade and investment.
In acknowledgment of over five decades of diplomatic relations, Nigerian President Bola Ahmed Tinubu recently endorsed the formation of the Nigeria-China Strategic Partnership (NCSP), led by Mr. Joseph Tegbe. The NCSP aims to implement cooperation agreements forged in past summits, fostering significant interactions across various sectors, including agriculture, energy, and infrastructure.
In conclusion, the ongoing cooperation between Nigeria and China has yielded noteworthy results, evidenced by substantial projects underway. Major initiatives include railway improvements and developments in transportation and infrastructure, reflecting the depth of collaboration and the potential for future growth in Nigeria due to China’s economic strategies developed at the recent Two Sessions.
The recent “Two Sessions” in China outlined significant economic goals that may facilitate enhanced cooperation with Nigeria. By setting ambitious targets for growth, employment, and investment, China seeks to solidify its global standing while supporting its partners in the Global South. For Nigeria, the ongoing strategic partnership with China holds promise for economic development, particularly as both nations aim for a comprehensive alliance that prioritizes mutual benefits in various sectors.
Original Source: dknews.kz
