While the Two Sessions, the biggest event in the China's political calendar, has always been a big deal in its home country, in recent years it has been anxiously scrutinized the world over as market watchers and politicians look for shifts in economic policy and geopolitics.

The annual meetings in Beijing involve the two main political bodies in China: the legislative National People's Congress (NPC) and the advisory Chinese People's Political Consultative Conference (CPPCC).

China's President Xi Jinping attended the NPC on Monday at the Great Hall of the People in Beijing, where the country's top economic and political objectives are unveiled.

READ MORE 

The Russian MP fighting gender inequality

From Cambridge dream to COVID-19 nightmare

Swiss vote to ban facial coverings

In an announcement, which is traditionally one of the most closely watched, China's Premier Li Keqiang has said the country was aiming for economic growth of more than 6 percent in 2021.

Increasingly however, governments across the globe are monitoring the Two Sessions for any policy shifts that could impact geopolitics.

Biden's China policy

China's Foreign Minister Wang Yi held a virtual press conference on Sunday on the sidelines of the Two Sessions. He said China is ready to work with the new Biden administration in Washington but called on the U.S. not to interfere with China's internal affairs.

Relations between Washington and Beijing have deteriorated over a raft of issues, including Hong Kong and Taiwan.

"There's continuity in an aggressive attitude towards China," according to Martin Jacques, author of When China Rules The World.

"In one sense, Biden has continued the relationship with China along the lines of Trump. But in another sense, the whole thing is toned down," he adds.

Europe's China policy

Wang also said China and the EU are not systemic rivals.

"The eastward glance, if you like, of Europe towards China … is growing," says Jacques.

The European Union and China recently agreed a major business investment deal (called the Comprehensive Agreement on Investment, or CAI) after seven years of negotiations.

"The fact that this treaty has come at the end of the Trump period and just as Biden begins, is extremely important," says Jacques.

"All the talk of Biden going to rebuild alliances … especially vis-a-vis China... well, it doesn't look so promising from the American point of view, given this treaty."