Looking at China going into 2024 is very different than a year ago. In early 2023, with Beijing having just dropped all Covid-related restrictions, people were expecting a rapid economic recovery on the back of pent-up demand and high savings among households. While economic policymakers are expected shortly to announce that the “around 5%” growth objective for 2023 has been reached in spite of a painful property sector downturn, there are increasing signs that China is in the midst of a long-term structural transition towards what Chinese policy language conceives of as “high-quality development”, even amid a deteriorating external environment, and the government seems intent on addressing these structural issues.
This will be one of the key areas to watch in 2024. We will share more in our next CMG Insight about how we understand this structural transition and which specific processes we are keeping track of. Until then, find below a high-level overview of key events and meetings that we are monitoring to understand relevant policy developments with implications for foreign business.