This article discusses the significance of China’s “Two Sessions” held in March 2024, which set key economic targets and emphasized enhanced relations with Africa, particularly Nigeria. The outcomes may lead to increased Chinese investments in Nigeria, fostering a strategic partnership aimed at economic development in multiple sectors.
The People’s Republic of China convened its key annual assembly, known as the “Two Sessions,” between March 4 and 6 in Beijing. This event marked the convergence of the 14th National People’s Congress (NPC) and the National Committee of the Chinese People’s Political Consultative Conference (CPPCC). Distinguished attendees included President Xi Jinping, Premier Li Qiang, and top Politburo officials.
The discussions held during the Two Sessions encompassed various critical topics, including the setting of annual goals and targets, with specific emphasis on economic and social development. The principal targets for this year included a GDP growth rate of 5%, urban unemployment maintained around 5.5%, and the creation of over 12 million new urban jobs.
Additionally, other targets such as a Consumer Price Index (CPI) increase of around 2% and a reduction in energy consumption by approximately 3% per unit of GDP were established. In his address, Premier Li emphasized the importance of stabilizing employment and improving the populace’s well-being while considering evolving domestic and international dynamics.
Premier Li reaffirmed China’s commitment to openness amid changing external conditions, indicating that certain adverse impacts had emerged globally. To attract foreign investment moving forward, China plans to host key trade events such as the International Import and Export Fair and the China International Consumer Products Expo.
Furthermore, Foreign Affairs Minister Wang Yi discussed the implications of these developments for global diplomacy. He emphasized the significance of the Global South in contributing towards world growth and maintaining peace, stating that “the hallmark of our era is the prominent, growing strength of the Global South.” Yi highlighted China’s longstanding friendship with Africa, promising support for the continent’s pursuit of self-reliance.
As the 25th anniversary of the Forum on China-Africa Cooperation approaches, the mutual benefits derived from the partnership were reiterated. Wang noted that China has facilitated the construction of significant infrastructure projects in Africa while asserting its position as the continent’s largest trading partner for the past sixteen years.
In Nigeria, the Two Sessions outcomes could catalyze further development, with Nigeria and China striving for a “Comprehensive Strategic Partnership”. This partnership aims to strengthen ties established in 2005, with Nigeria recognized as a key destination for Chinese investments.
The establishment of the Nigeria-China Strategic Partnership (NCSP) has facilitated closer cooperation, with the aim of bolstering trade and investment between both nations. Notably, the NCSP is working to engage stakeholders across multiple sectors to ensure that agreements from the Forum on China-Africa Cooperation are effectively implemented, fostering economic development in critical areas such as agriculture, telecommunications, and infrastructure.
Noteworthy projects resulting from Nigeria-China collaborations include the Lagos-Ibadan and Abuja-Kaduna railways, as well as various infrastructure initiatives that aim to enhance the nation’s transportation and economic frameworks.
In summary, China’s “Two Sessions” highlight significant economic and developmental goals that have the potential to foster deeper relationships with African nations, particularly Nigeria. The established strategic partnership emphasizes mutual benefits in various sectors, reinforcing the collaborative efforts to achieve economic growth and sustainable development. Continued engagement between China and Nigeria, as evidenced by initiatives like the NCSP, indicates a promising trajectory for future cooperation and investment.
Original Source: dknews.kz
