China’s annual major political event, the National People’s Congress, is expected to set economic priorities and goals for the coming year. Premier Li Qiang will announce the economic growth target, expected to be around 5%, despite challenges such as sluggish real estate and consumer spending, as well as ongoing trade tensions with the US. The government’s focus is on increasing domestic demand, promoting innovation, and supporting the private sector to drive growth. However, experts believe that the government will likely prioritize technology and industry over improving household incomes and expanding the middle class.
The Congress, while largely ceremonial, provides insights into the government’s priorities and goals. Experts are monitoring signs of how China will buffer the impact of the US-China trade war, the government’s priorities in the next 5-year plan, and its stance on foreign policy issues such as Taiwan, U.S.-China relations, and the Ukraine war. China’s President Xi Jinping is expected to address these issues, and Foreign Minister Wang Yi’s news conference will shed light on China’s foreign policy stance under President Donald Trump.
The Congress is also a platform for over 3,000 delegates to convene and represent various interests, despite not having real legislative power. The meetings provide a glimpse into the future direction of government policy and priorities. As China enters a new phase in its economic and political trajectory, the Congress serves as a crucial indicator of the government’s strategies and objectives.
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