China’s “Two Sessions” in March established key economic targets and emphasized commitments to opening up for foreign investment. Premier Li Qiang discussed goals including a 5% GDP growth and a focus on stability and employment. Minister Wang Yi highlighted the importance of collaboration with Africa, emphasizing China’s support for development initiatives. Nigeria stands to particularly benefit from strengthened Sino-Nigerian ties through newly established partnerships.
The People’s Republic of China hosted its key annual event, the “Two Sessions,” from March 4 to 6, which included the 14th National People’s Congress (NPC) and the National Committee of the Chinese People’s Political Consultative Conference (CPPCC). The gathering saw prominent attendees such as President Xi Jinping and Premier Li Qiang, alongside various Politburo officials and representatives. The sessions, held concurrently, are pivotal for discussing major national goals and budgets.
During the sessions, strategic goals were established, aiming for a GDP growth of 5%, an urban unemployment rate of approximately 5.5%, and the creation of over 12 million new urban jobs. Additional targets included limiting CPI increases to around 2%, maintaining a balance in payments, and achieving a grain output of approximately 700 million metric tons. These objectives emphasize economic stability and improvements in citizens’ welfare.
Premier Li Qiang elaborated on the need for these targets, stating that considerations included both domestic and international dynamics. He stressed the importance of stabilizing employment and the potential for economic growth. In light of these discussions, he confirmed China’s ongoing commitment to openness and foreign investment, promoting events like the International Import and Export Fair to attract global partners.
Moreover, Chinese Foreign Minister Wang Yi addressed external relations, highlighting the importance of unity among Global South nations. He asserted that over 40% of global GDP now stems from this group, which is crucial for maintaining world peace and development. Yi emphasized the necessity for support towards Africa’s self-reliance, asserting that China and Africa are enduring allies in their developmental journey.
As China commemorated the 25th anniversary of the Forum on China-Africa Cooperation (FOCAC), it was noted that China had significantly contributed to African infrastructure—upgrading nearly 100,000 kilometers of railways and generating over 1.1 million jobs in three years. Yi assured that China’s commitment to African development is both substantial and tangible, highlighting Africa’s vital role in global modernization and development.
Analysts suggest that Nigeria stands to benefit from the outcomes of this year’s sessions, given the strategic partnership between Nigeria and China. The recent elevation of their partnership to a “Comprehensive Strategic Partnership” at the FOCAC summit signifies a new phase in their relationship, with Nigeria being a significant partner in various economic sectors.
Following the FOCAC summit, President Bola Ahmed Tinubu established the Nigeria-China Strategic Partnership (NCSP) to oversee cooperation agreements from the summit and enhance trade. Led by Director-General Mr. Joseph Tegbe, the NCSP aims to facilitate investment and trade between Nigeria and China.
The NCSP is actively engaging stakeholders across sectors, including agriculture, energy, and infrastructure. The ongoing collaborations have led to significant projects such as the Lagos-Ibadan and Abuja-Kaduna railways, among others, showcasing the fruitful cooperation between Nigeria and China over the years.
The discussion of China’s “Two Sessions” has highlighted significant economic targets and the reaffirmation of partnerships, particularly with African nations such as Nigeria. Through strategic initiatives and significant infrastructure investments, the collaborative relationship not only benefits China but also offers promising developments for Nigeria’s economy, enhancing mutual growth and stability. The emphasis on unity among Global South countries reinforces the potential for collective progress in the global arena.
Original Source: dknews.kz
