1 of 2 China’s President Xi Jinping during a Chinese Communist Party meeting — Photo: Ng Han Guan/AP China’s President Xi Jinping during a Chinese Communist Party meeting — Photo: Ng Han Guan/AP
The Chinese government early Sunday (5) announced its new plan to revitalize the economy taking into account consumer difficulties.
Premier Li Keqiang, the top economy official, has set this year’s growth target at “around 5%” after ending antivirus controls that kept millions of people indoors and sparked protests.
Last year’s growth in the world’s second largest economy fell to 3%, the second weakest level since at least the 1970s.
“We must prioritize recovery and expansion of consumption,” Li said in a speech on the government’s plans ahead of the solemn National People’s Congress at the Great Hall of the People in central Beijing.
Chinese Premier Li Keqiang delivers a speech at a Chinese Communist Party meeting — Photo: Ng Han Guan/AP Chinese Premier Li Keqiang delivers a speech at a Chinese Communist Party meeting — Photo: Ng Han Guan/AP
The overall meeting of the NPC’s 2,977 members is the highprofile event of the year, but its role is limited to approving ruling Communist Party decisions and flagging official initiatives.
This month, the NPC is expected to endorse the appointment of a government of Xi supporters, including a new prime minister, after the 69yearold president bolstered his status as China’s most powerful figure in decades by giving himself a third term of term granted for five years.
Li’s report called for increased consumer spending to boost household incomes, but did not elaborate in his 53minute speech. It was less than half the length of work reports in some previous years.
The premier called for “enhancing our country’s strength and confidence in science and technology,” an area where Beijingled efforts to create competitors in electric cars, clean energy, telecommunications and other fields are affecting ties with China, Washington and others have incriminated.