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Jane Cai

China has set a GDP growth target of around 5 per cent for this year as it grapples with a trade war with the US.
At the Wednesday opening of the annual meeting of China’s top legislature, the National People’s Congress, Premier Li Qiang said all parties should work hard to achieve the “very challenging” goal, given an “increasingly complex” external environment.
1. Fiscal spending expansion
To pump up the economy, China will issue a total of 1.3 trillion yuan (about US$182 billion) of ultra-long special treasury bonds this year, up 300 billion yuan from last year, according to a government work report submitted on Wednesday to the top legislature for deliberation.
China has set its deficit-to-GDP ratio for this year at around 4 per cent, an increase of one percentage point over last year.
2. Foreign investment encouraged
Li said that no matter how the external environment changed, China would persistently stick to its opening-up policy, which would lead to more reforms and development opportunities.
He added that the internet and cultural sectors would be opened in an orderly manner, and access to its telecoms, healthcare and education industries would be widened.
Beijing will encourage foreign investors to expand their investments in China and cooperate with companies up and down the industrial supply chain, according to Li.
3. Private enterprises
Li pledged to better support the private economy and bolster business confidence.
He said Beijing would strengthen legal protections and policy support for private enterprises, ensuring their legitimate rights.
He also vowed to curb profit-motivated law enforcement against private companies. He said China would build a “unified market” and fight competition.
4. Future industries
Li said China would unleash the creativity of the hi-tech sector and boost AI, smart terminals and the Internet of Things, while 5G tech would be applied on a large scale.
He said Beijing would establish a mechanism for “future industries” to support hi-tech fields including biomaterials manufacturing, quantum technology, embodied intelligence and 6G.


5. New role for Hong Kong and Macau
Li said Beijing would persist with “one country, two systems” and support Hong Kong and Macau to improve their economies.
He also said Beijing would support Hong Kong and Macau in deepening international exchanges and cooperation. This is a new addition to the work report this year, signalling a new role for the cities as they brace against external headwinds.
He added that Beijing would allow patriots in Hong Kong and Macau to govern themselves while supporting integration with the mainland to maintain long-term prosperity.
Li called for leveraging regional development strategies to foster drivers of growth, highlighting the role of the Greater Bay Area.
He urged economic powerhouse provinces to take the lead while encouraging all regions to develop their strengths and deepen industrial cooperation.
6. Military spending unchanged
China’s top leaders outlined plans to expand military spending by 7.2 per cent in 2025, reaching about 1.784 trillion yuan (US$245 billion).
The percentage rise was the same as last year and the previous year, continuing a decades-long expansion of China’s military outlays.
Over the past two years, the People’s Liberation Army has ramped up patrols near Taiwan, the self-ruled island that Beijing has vowed to bring under mainland control, by force if necessary.
7. Jobs and consumption
Li acknowledged that consumption was particularly “sluggish” and noted there were “pressures on job creation and income growth”. He promised to “vigorously boost” household demand.
China will create more than 12 million new urban jobs to stabilise employment. Li pledged to provide targeted help for fresh graduates, migrant workers and those most in need.
He said the government would also roll out measures to stabilise the real estate market and stock market.
8. Compatriots and international friends
Li expressed his “heartfelt gratitude” to people in Hong Kong and Macau, as well as to compatriots in Taiwan and international friends.
He noted that the challenging geopolitical situation would affect China’s trade.
Li said the world was undergoing accelerated changes unseen in a century.
He added that the external environment was becoming increasingly complex, and would potentially leave a greater impact on the country’s trade, technology and other sectors.


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China has set a GDP growth target of around 5 per cent for this year as it grapples with a trade war with the US. Photo: Shutterstock

A screen at a shopping centre in Beijing shows Premier Li Qiang speaking during the opening of the annual session of China’s top legislature on Wednesday. Photo: Robert Ng

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Chinese Premier Li Qiang at the opening session of the National People’s Congress (NPC) in Beijing on Wednesday. Photo: AFP

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A screen broadcasting live footage of China’s Premier Li Qiang at the opening of the annual session of the National People’s Congress (NPC) in Beijing. Photo: Robert Ng

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Hong Kong Chief Executive John Lee (centre) at the NPC opening session in Beijing. Photo: ISD

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China

Politics

Li sets out goals for economic growth, jobs, the private sector, tech and Hong Kong at opening ceremony of China’s top legislature


Li sets out goals for economic growth, jobs, the private sector, tech and Hong Kong at opening ceremony of China’s top legislature.


8 takeaways from Premier Li Qiang’s work report at China’s ‘two sessions’

Li sets out goals for economic growth, jobs, the private sector, tech and Hong Kong at opening ceremony of China’s top legislature

1. Fiscal spending expansion

2. Foreign investment encouraged

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