This year's two sessions may declare that China has joined the ranks of the developed countries. The photo above is the 3rd Session of the 12th CPPCC and the NPC held last year./ Source from Xinhua News

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By Hong Soon-do, Beijing correspondent, AsiaToday - The 4th Session of the 12th Chinese People's Political Consultative Conference (CPPCC, China's top advisory body) and the National People's Congress (NPC, China's top legislature) will kick off on March 3 and 5 respectively and run until March 13. Also known as the liang hui or "two sessions", these events are catching global attention since they will deliver the government work report as well as defense budgets.

However, considering China's state media reports on Sunday, the field that the Chinese government and Chinese people will pay the most attention should be the economy. Most of all, "new normal" economy, referring to qualitative development under slow growth. Therefore, China's GDP target that Chinese Premier Li Keqiang will reveal when delivering the government work report at the opening meeting of the NPC session, is highly likely to be approximately 6.5%.

More specifically, NPC and CPPCC members are likely to discuss measures for reforming structure, eliminating overproduction, strengthening crisis management, and improving confidence towards economy. In particular, structural reforming-related measures that are actively suggested by Chinese President Xi Jinping at recent Politburo meetings, are likely to be prepared. For instance, it is highly likely that the session members will discuss measures for building a foundation for marketization bankruptcy system, rapid handling of insolvent enterprises, activating corporate M&As, and limiting internalization of yuan.

China's military expenditures will definitely be one of the most discussed topics during the two sessions. China is working on how to build and manage a stronger army. Therefore, this year's defense budget is expected to grow more than previous years. Some even expect that the budget will grow 20% compared to the previous year.

In addition, the two sessions are expected to discuss about China's 13th Five-Year Plan selection, poverty reduction, Silk Road promotion, legal system reform, green development, and anti-corruption mechanism establishment. Most of them are the issues that should be discussed in order to overcome the country's less advanced social system. Therefore, it's not an exaggeration to say that the upcoming two sessions will be the meaningful meetings for China to declare that it has already joined the ranks of the developed countries.