The National People’s Congress (NPC), China’s national legislature, met in early March 2024 to chart its annual policy direction. Following a period of uneven economic recovery, characterized by a multitude of challenges such as tepid consumer demand, a faltering property market, mounting deflationary pressures and a tense geopolitical environment, addressing the ailing Chinese economy took precedence at this year’s NPC. 

The 2024 NPC outcomes have significant implications for Canada. Foremost, Canadian policymakers should expect greater diplomatic overtures from China in comparison to recent years. This is notably the case as Beijing will attempt to bolster international trade and foreign investment to remedy economic headwinds. Chinese Foreign Minister, Wang Yi, forward-looking characterization of the relationship with his Canadian counterpart, Melanie Joly, is potentially an early sign of this repositioning. Similarly, Canadian business leaders should take note of a potentially more open business environment in China, and emerging opportunities for engagement with Beijing.