China opens its annual parliamentary session on Sunday, with the National People's Congress (NPC) set to implement the biggest government shakeup in a decade as Beijing confronts a host of challenges and looks to revive its COVID-battered economy.
The 63-year-old Li will be tasked with reinvigorating an economy, the world's second-largest, that grew just 3% last year, bruised by three years of COVID curbs, crisis in its vast property sector, a crackdown on private enterprise that has rattled investors, and weakening demand for Chinese exports.
"We might see institutional changes that indicate an elevated importance of, and more party control over, the financial regulatory system," Goldman Sachs analysts wrote. On the opening day of the NPC, China is also likely to announce its central and military spending budgets. The gathering of nearly 3,000 delegates, the first since China abruptly dropped its zero-COVID policy in December following rare nationwide protests, will take place in the cavernous Great Hall of the People on the west side of Tiananmen Square amid tight security in the capital.
Globally, China faces numerous headwinds including worsening relations with the United States, which is trying to block its access to cutting-edge technologies, and fraught ties with western Europe, a crucial trading partner, over Beijing's diplomatic support for Russia in its war in Ukraine.
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