China’s National People’s Congress, a major political event, is set to take place, where top leaders will endorse decisions made by the Chinese Communist Party. The focus will be on balancing innovation and domestic consumption to reinvigorate the economy, as well as navigating the impact of the U.S.-China trade war. Experts will be looking for clues on the government’s priorities for the next 5-year plan.
Premier Li Qiang is expected to announce the economic growth target, which may be around 5% amid challenges in the real estate sector and consumer spending. The government’s priorities include increasing domestic demand, promoting technology innovation, and supporting the private sector for growth.
China’s diplomacy will also be in the spotlight, with attention on Foreign Minister Wang Yi’s news conference to decipher the country’s stance on U.S.-China relations under President Trump. Despite tensions, China has shown measured responses in tariffs, signaling openness to negotiations while being willing to escalate if necessary.
The National People’s Congress acts as a rubber-stamp parliament, formalizing decisions made by Communist Party leaders. While lacking legislative power, the Congress provides insights into the government’s priorities and goals. The concurrent meeting of the Chinese People’s Political Consultative Conference, known as the Two Sessions, includes various representatives like business leaders, athletes, and religious leaders.
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