In his work report, outgoing Premier Li Keqiang stressed the need for economic stability and expanding consumption.
The economy gave one of its weakest performances in decades last year, when gross domestic product grew by just 3%, squeezed by three years of Covid controls, a crisis in the vast property sector and a crackdown on private enterprise.
This year's growth target is at the low end of expectations, as policy sources had recently told Reuters a range as high as 6% could be set. It is also below last year's target of around 5.5%. China's state planner said it aims to increase the incomes of low earners and bring more people into the middle income group. The planner unveiled measures to spur consumption, but stopped short of direct spending, such as cash handouts.
During the NPC, former Shanghai party chief Li Qiang, 63, a longtime Xi ally, is expected to be confirmed as premier, tasked with reinvigorating the world's second-largest economy. Beijing faces multiple challenges including increasingly fraught relations with the United States, which is trying to block its access to cutting edge technology, and a worsening demographic outlook, with plunging birth rates and a population drop last year for the first time since the famine year of 1961.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Heavy rainfall expected in Pahang, Johor until Sunday (March 5)KUALA LUMPUR: The Malaysian Meteorological Department (MetMalaysia) has issued a danger-level heavy rain warning for Pahang and Johor until Sunday (March 5)
Read more »
China parliament to review state entity reform plan, Legislative LawBEIJING, March 4 ― China's National People's Congress (NPC) will deliberate on a plan to reform institutions under the State Council, or cabinet, and review draft...
Read more »
China sets economic growth target of around 5pc as parliament opensBEIJING, March 5 — China set a modest target for economic growth this year of around 5 per cent, according to a government work report today, as the National People’s Congress...
Read more »
Firefly to launch flights from Penang to Changi Airport on March 26SINGAPORE (The Straits Times/Asia News Network): Malaysian low-cost carrier Firefly will launch direct flights from Penang International Airport to Singapore Changi Airport on March 26.
Read more »
Floods: Over 1,000 displaced in Negri as of 8am March 3SEREMBAN: The number of flood victims in Negri Sembilan has shown a slight increase with another temporary relief centre opened in Tampin.
Read more »
Expect more heavy rain nationwide tonight (March 13), says MetMalaysiaPETALING JAYA: The Malaysian Meteorological Department (MetMalaysia) has issued a warning of thunderstorms, heavy rain and strong winds in several states in the country until 9pm on Friday (March 3).
Read more »