China's Parliament begins its annual meeting on Sunday amid further institutional restructuring

This Saturday the Consultative Conference meeting begins, the highest advisory body of the Government, at the beginning of the period of the "two sessions"

The National People's Congress, the highest legislative body in China, begins an annual meeting this coming Sunday in which it will approve a series of institutional restructuring with a view to granting the Communist Party even more direct control over certain sectors such as the economy or culture.

In addition to reviewing a series of reports, including an assessment of the government's work, the deputies of the Chinese Parliament will deliberate on a draft amendment to the Legislation Law and the aforementioned initiative on the reform of the State Council institutions, has explained the spokesman for the session, Wang Chao, at a press conference this Saturday, reported by the official Chinese news agency Xinhua.

In the purely economic sphere, according to sources close to the initiative reported to the 'Wall Street Journal', Parliament will approve a new team specifically in charge of making policies to accelerate the growth of the second largest economy in the world.

Prime Minister Li Keqiang will open the plenary session of Parliament in the Great Hall of the People tomorrow with a final accountability report that will mark the beginning of his farewell to political life.

Li, 67, who will step down after two terms, will announce a growth target for this year of around 5 percent or even slightly higher, according to sources close to the DPA. Last year's target was similarly around 5.5 percent.

Specifically, this team will try to allay concerns among business leaders about government support for the housing market and the decline seen in the technology industry, accentuated by a regulatory crackdown.

The session will conclude on March 13, Monday, according to the spokesperson.

This Saturday begins, for its part, the annual session of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), the country's highest political advisory body, which will probably conclude with the appointment of a new top official.

The spokesman's appearance was also marked by a defense of increasing the country's military budget to "face complex security challenges," Wang explained.

China's defense spending has been in the spotlight amid growing friction with the US over the technology dispute and the war in Ukraine, as well as Beijing's claims to a wide swath of the South China Sea, as well as a possible military confrontation between the superpowers over Taiwan.

Without giving exact figures, the spokesman has pointed out that military expenditures, part of its Gross Domestic Product, have remained basically stable for many years and that the increase is "appropriate and reasonable."