Why world cares about China's two sessions

The annual two sessions of China's top legislative body and top national advisory body are slated for this month.[Special coverage]

The sessions will hear reports on the overall condition of the nation, chart its agenda for 2015 and outline foreign policies. It is also an opportunity for the world to watch the oriental country.

Since their birth, the two sessions have often had global relevance.

The first Constitution of the People's Republic of China was approved at the first National People's Congress in 1954, establishing the fundamental socialist system, a significant move in the Cold War era.

During the Cultural Revolution, which started in the 1960s, lawless chaos engulfed the nation and the two sessions lay dormant, and this instability sent shockwaves across the globe.

Since the two sessions endorsed the reform and opening-up measures initiated by the Communist Party of China Central Committee in the late 1970s, the world has watched China ushering in an era of rapid economic expansion.

The world's second largest economy, China has established itself as a dominant trading partner of over 100 countries, and has become a net capital exporter.

China is expected to hold up global growth while the United States and Europe are still in tepid recovery.

Some use the term "pivoting everywhere" to describe China's growing political clout, as it has actively sought ties with countries across the globe.

Following are eight aspects of the upcoming two sessions that might have global implications.

1. China will announce its 2015 GDP growth target at the start of the sessions.

When China posted 2014 its lowest growth rate in 24 years, 7.4 percent, speculation has been rife that the government will reduce its target for this year to around 7 percent from the 7.5 percent set for the past three years.

What will this "new normal" growth rate of the Chinese economy mean to the world? How will it affect jobs worldwide?

2. China will unveil its defense budget for 2015.

Last year, China's defense budget was over 130 billion U.S. dollars, second only to the United States.

Where does the money go in a country that is building slim but strong military forces? How will other countries react? How will that budget affect regional and world stability?

3. The Chinese premier and scores of ministers are expected to hold press conferences during the sessions.

These sessions, along with the government work report, will be crucial to deciphering China's national priorities. How will the ongoing reform, the rule of law, anti-corruption, anti-monopoly, anti-pollution and Internet administration develop? How will they affect global investors?

4. For the United States, there is something that deserves its particular attention.

In the State of the Union address 2015, U.S. President Barack Obama referred to China three times, rendering it the most-mentioned foreign country with a likely "frenemy" face. What will China make of that?