China’s annual parliamentary gathering began with the opening session of the National People’s Congress (NPC) on Thursday (Mar 5).
Beijing has set its economic growth target for 2026 at 4.5 to 5 per cent, setting the tone for Premier Li Qiang’s government work report, which laid out policy priorities and steps to support the world’s second-largest economy.
Li praised China’s ability to withstand US President Donald Trump’s tariff hikes, but said “multilateralism and free trade are under severe threat”, and announced 7 per cent increases in the national defence budget, as well as in research and development.
China’s 15th five-year plan, as widely expected, pledged investments in innovation and industrial upgrading, as well as a “notable” – but unspecified – increase in household consumption as a share of economic output.
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