Dear Focus Reader,

It's that time of year again: China's policy meetings, known as the "Two Sessions," are set to begin on Monday. The annual meetings are where the Chinese government typically unveils any major policy updates.

This year, it's expected that Beijing will use the meetings to make any personnel changes and to complete the transition of new appointments to the Foreign and Defense Minister roles, after last year's picks, Qin Gang and Li Shangfu, were removed from their positions in July and October, respectively.

Anticipated discussions will likely focus on the economy, including the government's "new model" for the property sector, local government financing and fiscal reforms, and other stimulus options.

Ahead of the sessions, the 24-member Politburo, the Communist Party of China's top decision makers, gathered on Thursday for the final time before the National People's Congress (NPC) and the Chinese People's Political Consultative Conference (CPPCC) meetings commence. The officials came together primarily to review the government work report that will be released at the NPC, which is expected to announce the country's economic growth rate target and detail 2024 plans. They also indicated Beijing's intention to reinforce fiscal measures in order to bolster the economy, amidst ongoing uncertainty about the nation's business environment and long-term economic challenges.

The language from this meeting echoed that of the economic workforce conference in December, where 2024 policies were likely set, but analysts remain hopeful that Premier Li Qiang will outline more robust stimulus policies in his work report to the NPC.

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