China's NPC Signals Steady, Cautious Course
Chinas National Peoples Congress (NPC) and its Peoples Political Consultative Congress (CPPCC) have been meeting for the past week. The results so far suggest that policy remains steady as you go, mixed with cautions against political reform.
The economy: The most crucial outcome of these annual meetings is the NPCs political work report by Premier Wen Jiabao, setting forth the benchmarks for economic growth for the year ahead. This year, Wen said the target for GDP growth will be reduced to 7 percent.
Wens target offered reassurance to those who believe the economy overheated in response to the post-financial crisis stimulus program and is at risk of significant inflation. It also signaled that the Chinese leadership is adjusting the country to more sustainable levels of growth than have prevailed in recent decades.
The reassurances will need to be scrutinized closely, however, as Premier Wen last year called for a growth
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