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On Tue, 4 Mar, 4:04 PM UTC
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[1]
Main takeaways from China's parliamentary session kick-off
BEIJING (AP) -- China on Wednesday kicked off its annual parliamentary session, the National People's Congress, which outlines the government's priorities for the year. Stabilizing the sluggish economy and pushing for broader applications of artificial intelligence were among the focus areas in a work report read by the country's premier, Li Qiang. Beijing also vowed to address a property market slump and ballooning government debt that are dragging on economic growth as well as find ways to boost unemployment and offer better public education, health care and social security support. Here are the main takeaways from the annual government work report of the world's second-largest economy: China set an economic growth target of "around 5%" for 2025, in line with the past two years. Last year, the economy grew by 5%, according to official data, aided by strong exports and stimulus measures. However, the International Monetary Fund estimates that China's economy will slow this year, to about 4.6% growth. One of the main threats to the country's economic growth is a looming trade war with the United States. Beijing and Washington have been slapping tit-for-tat tariffs on each other's goods over the past few weeks. The duties threaten to shave up to 1.1 percentage points off of China's economic growth this year, according to Maybank Investment Banking Group. Li spoke of "an increasingly complex and severe external environment," with rising "tariff barriers" and geopolitical tensions. The main priority outlined in Li's report was addressing "inadequate domestic demand, particularly insufficient consumption," as well as making "domestic demand the main engine and anchor of economic growth." China is struggling to get its people to spend more money amid a protracted property market slump. People's reluctance to spend has led to a deflationary spell, which threatens to push the country into even deeper economic trouble. Among the measures meant to help boost consumption, the government has announced raising the fiscal deficit ratio to 4%, from 3% last year, and issuing ultra-long special treasury bonds totaling 300 billion yuan ($41.3 billion) to finance consumer goods trade-in programs, some of which are already underway. Achieving technological self-reliance is one of Chinese President Xi Jinping's key aims. Over the past few years, the U.S. has moved to limit China's access to advanced technologies including semiconductors over security concerns, so Beijing would like to be able to develop critical advanced technologies at home. Li promised the government will support research and development in "core technology in key fields." In particular, the country is interested in expanding the development and use of AI in smart manufacturing, new-energy vehicles and robotics. Another one of China's economic woes is its property slump, set off after the government began cracking down on excess borrowing by real estate developers, pushing many property companies into default. Li promised Beijing will "make continued efforts to stem the downturn and restore stability in the real estate market," including by lifting property transaction restrictions and leveraging real estate financing to ensure the timely delivery of housing projects. The premier also said the central government will address mounting local government debt and especially target the "hidden debts of local governments." China also announced a 7.2% rise in its defense budget this year -- the same percentage as last year. A National People's Congress spokesperson on Tuesday had described the country's defense spending as measured and hovering under 1.5% of GDP. Beijing commands the largest armed forces in the world and the second-highest military budget after that of the U.S., as it seeks to assert its territorial claims and challenge U.S. alliances in Asia. On the issue of Taiwan, the self-ruled democracy China claims as its own, the government work report reiterated Beijing's ambitions to "resolve the Taiwan question," meaning to annex the island. The report added that Beijing opposes separatist activities aimed at Taiwan's independence and external interference in relations across the Taiwan Strait.
[2]
The top issues for China's legislature are likely to be the economy and AI
BEIJING -- Harnessing the power of artificial intelligence and shoring up the economy are among the issues expected to top the agenda when China's legislature meets Wednesday in Beijing. Almost 2,900 delegates have arrived in Beijing for the annual session of the largely rubber-stamp parliament, the National People's Congress. Concomitantly, an advisory body of business leaders, athletes and academics, the Chinese People's Political Consultative Conference, convened Tuesday. The two bodies' concurrent meetings are known as the Two Sessions. The weeklong parliamentary session, though largely ceremonial, helps to signal government priorities for the year. Premier Li Qiang is expected to announce an economic growth target of around 5%, in line with the past couple of years. The meetings come as China's economy struggles with sluggish consumption, a lengthy property crisis, ballooning government debt and a possible renewed trade war with the United States. On Tuesday, Beijing announced additional tariffs of up to 15% on imports on U.S. farm products including chicken, pork, soy and beef. The move came in retaliation for an increase in flat U.S. tariffs on Chinese products - from 10% to 20% - that came in effect at the same time. "Undoubtedly, the adverse impacts brought by the external environment have deepened, and China's economy still faces some difficulties and challenges," said Lou Qinjian, spokesman for the National People's Congress in a news conference ahead of the session. "Internationally, rising economic and political uncertainties make it harder to stabilize external demand. Domestically, demand is insufficient, and some enterprises are experiencing operational difficulties," he added. The government is expected to announce some measures to boost consumption such as increasing the deficit ratio from 3% to 4%, though massive stimulus is unlikely. Harnessing the power of artificial intelligence may also feature in policy announcements. Lou described China's breakthrough DeepSeek AI model, unveiled earlier this year, as an example of the country's "innovative and inclusive approach to technology." The delegates are also set to review a law aimed at improving market conditions for private enterprises, as part of the government's wider effort to signal support for the public sector to shore up growth. Chinese President Xi Jinping met in February with business leaders, including Alibaba founder Jack Ma and Huawei CEO Ren Zhengfei, signaling support at the highest level of leadership. "Xi realizes he needs the private sector to keep his underlying priorities chugging along," said Neil Thomas, a fellow on Chinese politics at the Asia Society Policy Institute. "Improving China's innovation capabilities, improving China's technological self-reliance - the private sector is pretty good at this stuff, and Xi wants to harness rather than set free the private sector energy to achieve these goals." Beijing is also expected to unveil its defense budget for 2025. Last year, China announced a 7.2% increase in its defense budget, which is the world's second-highest behind the United States'. ___ Associated Press writer Ken Moritsugu contributed to this report.
[3]
The economy and AI are likely to be among the top issues for China's legislature
BEIJING (AP) -- Harnessing the power of artificial intelligence and shoring up the economy are among the issues expected to top the agenda when China's legislature meets Wednesday in Beijing. Almost 2,900 delegates have arrived in Beijing for the annual session of the largely rubber-stamp parliament, the National People's Congress. Concomitantly, an advisory body of business leaders, athletes and academics, the Chinese People's Political Consultative Conference, convened Tuesday. The two bodies' concurrent meetings are known as the Two Sessions. The weeklong parliamentary session, though largely ceremonial, helps to signal government priorities for the year. Premier Li Qiang is expected to announce an economic growth target of around 5%, in line with the past couple of years. The meetings come as China's economy struggles with sluggish consumption, a lengthy property crisis, ballooning government debt and a possible renewed trade war with the United States. On Tuesday, Beijing announced additional tariffs of up to 15% on imports on U.S. farm products including chicken, pork, soy and beef. The move came in retaliation for an increase in flat U.S. tariffs on Chinese products - from 10% to 20% - that came in effect at the same time. "Undoubtedly, the adverse impacts brought by the external environment have deepened, and China's economy still faces some difficulties and challenges," said Lou Qinjian, spokesman for the National People's Congress in a news conference ahead of the session. "Internationally, rising economic and political uncertainties make it harder to stabilize external demand. Domestically, demand is insufficient, and some enterprises are experiencing operational difficulties," he added. The government is expected to announce some measures to boost consumption such as increasing the deficit ratio from 3% to 4%, though massive stimulus is unlikely. Harnessing the power of artificial intelligence may also feature in policy announcements. Lou described China's breakthrough DeepSeek AI model, unveiled earlier this year, as an example of the country's "innovative and inclusive approach to technology." The delegates are also set to review a law aimed at improving market conditions for private enterprises, as part of the government's wider effort to signal support for the public sector to shore up growth. Chinese President Xi Jinping met in February with business leaders, including Alibaba founder Jack Ma and Huawei CEO Ren Zhengfei, signaling support at the highest level of leadership. "Xi realizes he needs the private sector to keep his underlying priorities chugging along," said Neil Thomas, a fellow on Chinese politics at the Asia Society Policy Institute. "Improving China's innovation capabilities, improving China's technological self-reliance - the private sector is pretty good at this stuff, and Xi wants to harness rather than set free the private sector energy to achieve these goals." Beijing is also expected to unveil its defense budget for 2025. Last year, China announced a 7.2% increase in its defense budget, which is the world's second-highest behind the United States'. Associated Press writer Ken Moritsugu contributed to this report.
[4]
Main Takeaways From China's Parliamentary Session Kick-Off
BEIJING (AP) -- China on Wednesday kicked off its annual parliamentary session, the National People's Congress, which outlines the government's priorities for the year. Stabilizing the sluggish economy and pushing for broader applications of artificial intelligence were among the focus areas in a work report read by the country's premier, Li Qiang. Beijing also vowed to address a property market slump and ballooning government debt that are dragging on economic growth as well as find ways to boost employment and offer better public education, health care and social security support. Here are the main takeaways from the annual government work report of the world's second-largest economy: China is aiming for economic growth of 'around 5%' (despite its trade frictions with the US) China set an economic growth target of "around 5%" for 2025, in line with the past two years. Last year, the economy grew by 5%, according to official data, aided by strong exports and stimulus measures. However, the International Monetary Fund estimates that China's economy will slow this year, to about 4.6% growth. One of the main threats to the country's economic growth is a looming trade war with the United States. Beijing and Washington have been slapping tit-for-tat tariffs on each other's goods over the past few weeks. The duties threaten to shave up to 1.1 percentage points off of China's economic growth this year, according to Maybank Investment Banking Group. Li spoke of "an increasingly complex and severe external environment," with rising "tariff barriers" and geopolitical tensions. Raising consumption is the government's main priority The main priority outlined in Li's report was addressing "inadequate domestic demand, particularly insufficient consumption," as well as making "domestic demand the main engine and anchor of economic growth." China is struggling to get its people to spend more money amid a protracted property market slump. People's reluctance to spend has led to a deflationary spell, which threatens to push the country into even deeper economic trouble. Among the measures meant to help boost consumption, the government has announced raising the fiscal deficit ratio to 4%, from 3% last year, and issuing ultra-long special treasury bonds totaling 300 billion yuan ($41.3 billion) to finance consumer goods trade-in programs, some of which are already underway. AI and technological self-reliance take center stage Achieving technological self-reliance is one of Chinese President Xi Jinping's key aims. Over the past few years, the U.S. has moved to limit China's access to advanced technologies including semiconductors over security concerns, so Beijing would like to be able to develop critical advanced technologies at home. Li promised the government will support research and development in "core technology in key fields." In particular, the country is interested in expanding the development and use of AI in smart manufacturing, new-energy vehicles and robotics. Beijing promises to address the property slump and local government debt Another one of China's economic woes is its property slump, set off after the government began cracking down on excess borrowing by real estate developers, pushing many property companies into default. Li promised Beijing will "make continued efforts to stem the downturn and restore stability in the real estate market," including by lifting property transaction restrictions and leveraging real estate financing to ensure the timely delivery of housing projects. The premier also said the central government will address mounting local government debt and especially target the "hidden debts of local governments." The rise in the defense budget and Beijing's stance on Taiwan remain consistent China also announced a 7.2% rise in its defense budget this year -- the same percentage as last year. A National People's Congress spokesperson on Tuesday had described the country's defense spending as measured and hovering under 1.5% of GDP. Beijing commands the largest armed forces in the world and the second-highest military budget after that of the U.S., as it seeks to assert its territorial claims and challenge U.S. alliances in Asia. On the issue of Taiwan, the self-ruled democracy China claims as its own, the government work report reiterated Beijing's ambitions to "resolve the Taiwan question," meaning to annex the island. The report added that Beijing opposes separatist activities aimed at Taiwan's independence and external interference in relations across the Taiwan Strait. Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
[5]
The Top Issues for China's Legislature Are Likely to Be the Economy and AI
BEIJING (AP) -- Harnessing the power of artificial intelligence and shoring up the economy are among the issues expected to top the agenda when China's legislature meets Wednesday in Beijing. Almost 2,900 delegates have arrived in Beijing for the annual session of the largely rubber-stamp parliament, the National People's Congress. Concomitantly, an advisory body of business leaders, athletes and academics, the Chinese People's Political Consultative Conference, convened Tuesday. The two bodies' concurrent meetings are known as the Two Sessions. The weeklong parliamentary session, though largely ceremonial, helps to signal government priorities for the year. Premier Li Qiang is expected to announce an economic growth target of around 5%, in line with the past couple of years. The meetings come as China's economy struggles with sluggish consumption, a lengthy property crisis, ballooning government debt and a possible renewed trade war with the United States. On Tuesday, Beijing announced additional tariffs of up to 15% on imports on U.S. farm products including chicken, pork, soy and beef. The move came in retaliation for an increase in flat U.S. tariffs on Chinese products - from 10% to 20% - that came in effect at the same time. "Undoubtedly, the adverse impacts brought by the external environment have deepened, and China's economy still faces some difficulties and challenges," said Lou Qinjian, spokesman for the National People's Congress in a news conference ahead of the session. "Internationally, rising economic and political uncertainties make it harder to stabilize external demand. Domestically, demand is insufficient, and some enterprises are experiencing operational difficulties," he added. The government is expected to announce some measures to boost consumption such as increasing the deficit ratio from 3% to 4%, though massive stimulus is unlikely. Harnessing the power of artificial intelligence may also feature in policy announcements. Lou described China's breakthrough DeepSeek AI model, unveiled earlier this year, as an example of the country's "innovative and inclusive approach to technology." The delegates are also set to review a law aimed at improving market conditions for private enterprises, as part of the government's wider effort to signal support for the public sector to shore up growth. Chinese President Xi Jinping met in February with business leaders, including Alibaba founder Jack Ma and Huawei CEO Ren Zhengfei, signaling support at the highest level of leadership. "Xi realizes he needs the private sector to keep his underlying priorities chugging along," said Neil Thomas, a fellow on Chinese politics at the Asia Society Policy Institute. "Improving China's innovation capabilities, improving China's technological self-reliance - the private sector is pretty good at this stuff, and Xi wants to harness rather than set free the private sector energy to achieve these goals." Beijing is also expected to unveil its defense budget for 2025. Last year, China announced a 7.2% increase in its defense budget, which is the world's second-highest behind the United States'. ___ Associated Press writer Ken Moritsugu contributed to this report. Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
[6]
Main takeaways from China's parliamentary session kick-off
BEIJING (AP) -- China on Wednesday kicked off its annual parliamentary session, the National People's Congress, which outlines the government's priorities for the year. Stabilizing the sluggish economy and pushing for broader applications of artificial intelligence were among the focus areas in a work report read by the country's premier, Li Qiang. Beijing also vowed to address a property market slump and ballooning government debt that are dragging on economic growth as well as find ways to boost unemployment and offer better public education, health care and social security support. Here are the main takeaways from the annual government work report of the world's second-largest economy: China is aiming for economic growth of 'around 5%' (despite its trade frictions with the US) China set an economic growth target of "around 5%" for 2025, in line with the past two years. Last year, the economy grew by 5%, according to official data, aided by strong exports and stimulus measures. However, the International Monetary Fund estimates that China's economy will slow this year, to about 4.6% growth. One of the main threats to the country's economic growth is a looming trade war with the United States. Beijing and Washington have been slapping tit-for-tat tariffs on each other's goods over the past few weeks. The duties threaten to shave up to 1.1 percentage points off of China's economic growth this year, according to Maybank Investment Banking Group. Li spoke of "an increasingly complex and severe external environment," with rising "tariff barriers" and geopolitical tensions. Raising consumption is the government's main priority The main priority outlined in Li's report was addressing "inadequate domestic demand, particularly insufficient consumption," as well as making "domestic demand the main engine and anchor of economic growth." China is struggling to get its people to spend more money amid a protracted property market slump. People's reluctance to spend has led to a deflationary spell, which threatens to push the country into even deeper economic trouble. Among the measures meant to help boost consumption, the government has announced raising the fiscal deficit ratio to 4%, from 3% last year, and issuing ultra-long special treasury bonds totaling 300 billion yuan ($41.3 billion) to finance consumer goods trade-in programs, some of which are already underway. AI and technological self-reliance take center stage Achieving technological self-reliance is one of Chinese President Xi Jinping's key aims. Over the past few years, the U.S. has moved to limit China's access to advanced technologies including semiconductors over security concerns, so Beijing would like to be able to develop critical advanced technologies at home. Li promised the government will support research and development in "core technology in key fields." In particular, the country is interested in expanding the development and use of AI in smart manufacturing, new-energy vehicles and robotics. Beijing promises to address the property slump and local government debt Another one of China's economic woes is its property slump, set off after the government began cracking down on excess borrowing by real estate developers, pushing many property companies into default. Li promised Beijing will "make continued efforts to stem the downturn and restore stability in the real estate market," including by lifting property transaction restrictions and leveraging real estate financing to ensure the timely delivery of housing projects. The premier also said the central government will address mounting local government debt and especially target the "hidden debts of local governments." The rise in the defense budget and Beijing's stance on Taiwan remain consistent China also announced a 7.2% rise in its defense budget this year -- the same percentage as last year. A National People's Congress spokesperson on Tuesday had described the country's defense spending as measured and hovering under 1.5% of GDP. Beijing commands the largest armed forces in the world and the second-highest military budget after that of the U.S., as it seeks to assert its territorial claims and challenge U.S. alliances in Asia. On the issue of Taiwan, the self-ruled democracy China claims as its own, the government work report reiterated Beijing's ambitions to "resolve the Taiwan question," meaning to annex the island. The report added that Beijing opposes separatist activities aimed at Taiwan's independence and external interference in relations across the Taiwan Strait.
[7]
Main takeaways from China's parliamentary session kick-off
BEIJING -- China on Wednesday kicked off its annual parliamentary session, the National People's Congress, which outlines the government's priorities for the year. Stabilizing the sluggish economy and pushing for broader applications of artificial intelligence were among the focus areas in a work report read by the country's premier, Li Qiang. Beijing also vowed to address a property market slump and ballooning government debt that are dragging on economic growth as well as find ways to boost employment and offer better public education, health care and social security support. Here are the main takeaways from the annual government work report of the world's second-largest economy: China set an economic growth target of "around 5%" for 2025, in line with the past two years. Last year, the economy grew by 5%, according to official data, aided by strong exports and stimulus measures. However, the International Monetary Fund estimates that China's economy will slow this year, to about 4.6% growth. One of the main threats to the country's economic growth is a looming trade war with the United States. Beijing and Washington have been slapping tit-for-tat tariffs on each other's goods over the past few weeks. The duties threaten to shave up to 1.1 percentage points off of China's economic growth this year, according to Maybank Investment Banking Group. Li spoke of "an increasingly complex and severe external environment," with rising "tariff barriers" and geopolitical tensions. The main priority outlined in Li's report was addressing "inadequate domestic demand, particularly insufficient consumption," as well as making "domestic demand the main engine and anchor of economic growth." China is struggling to get its people to spend more money amid a protracted property market slump. People's reluctance to spend has led to a deflationary spell, which threatens to push the country into even deeper economic trouble. Among the measures meant to help boost consumption, the government has announced raising the fiscal deficit ratio to 4%, from 3% last year, and issuing ultra-long special treasury bonds totaling 300 billion yuan ($41.3 billion) to finance consumer goods trade-in programs, some of which are already underway. Achieving technological self-reliance is one of Chinese President Xi Jinping's key aims. Over the past few years, the U.S. has moved to limit China's access to advanced technologies including semiconductors over security concerns, so Beijing would like to be able to develop critical advanced technologies at home. Li promised the government will support research and development in "core technology in key fields." In particular, the country is interested in expanding the development and use of AI in smart manufacturing, new-energy vehicles and robotics. Another one of China's economic woes is its property slump, set off after the government began cracking down on excess borrowing by real estate developers, pushing many property companies into default. Li promised Beijing will "make continued efforts to stem the downturn and restore stability in the real estate market," including by lifting property transaction restrictions and leveraging real estate financing to ensure the timely delivery of housing projects. The premier also said the central government will address mounting local government debt and especially target the "hidden debts of local governments." China also announced a 7.2% rise in its defense budget this year -- the same percentage as last year. A National People's Congress spokesperson on Tuesday had described the country's defense spending as measured and hovering under 1.5% of GDP. Beijing commands the largest armed forces in the world and the second-highest military budget after that of the U.S., as it seeks to assert its territorial claims and challenge U.S. alliances in Asia. On the issue of Taiwan, the self-ruled democracy China claims as its own, the government work report reiterated Beijing's ambitions to "resolve the Taiwan question," meaning to annex the island. The report added that Beijing opposes separatist activities aimed at Taiwan's independence and external interference in relations across the Taiwan Strait.
[8]
The economy and AI are likely to be among the top issues for China's legislature
BEIJING (AP) -- Harnessing the power of artificial intelligence and shoring up the economy are among the issues expected to top the agenda when China's legislature meets Wednesday in Beijing. Almost 2,900 delegates have arrived in Beijing for the annual session of the largely rubber-stamp parliament, the National People's Congress. Concomitantly, an advisory body of business leaders, athletes and academics, the Chinese People's Political Consultative Conference, convened Tuesday. The two bodies' concurrent meetings are known as the Two Sessions. The weeklong parliamentary session, though largely ceremonial, helps to signal government priorities for the year. Premier Li Qiang is expected to announce an economic growth target of around 5%, in line with the past couple of years. The meetings come as China's economy struggles with sluggish consumption, a lengthy property crisis, ballooning government debt and a possible renewed trade war with the United States. On Tuesday, Beijing announced additional tariffs of up to 15% on imports on U.S. farm products including chicken, pork, soy and beef. The move came in retaliation for an increase in flat U.S. tariffs on Chinese products - from 10% to 20% - that came in effect at the same time. "Undoubtedly, the adverse impacts brought by the external environment have deepened, and China's economy still faces some difficulties and challenges," said Lou Qinjian, spokesman for the National People's Congress in a news conference ahead of the session. "Internationally, rising economic and political uncertainties make it harder to stabilize external demand. Domestically, demand is insufficient, and some enterprises are experiencing operational difficulties," he added. The government is expected to announce some measures to boost consumption such as increasing the deficit ratio from 3% to 4%, though massive stimulus is unlikely. Harnessing the power of artificial intelligence may also feature in policy announcements. Lou described China's breakthrough DeepSeek AI model, unveiled earlier this year, as an example of the country's "innovative and inclusive approach to technology." The delegates are also set to review a law aimed at improving market conditions for private enterprises, as part of the government's wider effort to signal support for the public sector to shore up growth. Chinese President Xi Jinping met in February with business leaders, including Alibaba founder Jack Ma and Huawei CEO Ren Zhengfei, signaling support at the highest level of leadership. "Xi realizes he needs the private sector to keep his underlying priorities chugging along," said Neil Thomas, a fellow on Chinese politics at the Asia Society Policy Institute. "Improving China's innovation capabilities, improving China's technological self-reliance - the private sector is pretty good at this stuff, and Xi wants to harness rather than set free the private sector energy to achieve these goals." Beijing is also expected to unveil its defense budget for 2025. Last year, China announced a 7.2% increase in its defense budget, which is the world's second-highest behind the United States'. ___ Associated Press writer Ken Moritsugu contributed to this report.
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China's annual parliamentary session highlights AI development and economic stabilization as key priorities, amid challenges including sluggish consumption and trade tensions with the US.
China's annual National People's Congress (NPC) commenced with Premier Li Qiang presenting the government's work report, setting an economic growth target of "around 5%" for 2025 12. This target aligns with previous years, despite the International Monetary Fund's projection of a slowdown to 4.6% growth 1. The Chinese economy faces several challenges, including sluggish consumption, a property market slump, and ballooning government debt 23.
To address these issues, the government plans to increase the fiscal deficit ratio from 3% to 4% and issue 300 billion yuan ($41.3 billion) in ultra-long special treasury bonds 14. These measures aim to boost consumption and finance consumer goods trade-in programs 1. Premier Li emphasized the need to make "domestic demand the main engine and anchor of economic growth" 14.
A significant portion of the NPC's agenda is dedicated to harnessing the power of artificial intelligence (AI) and achieving technological self-reliance 23. This focus comes in response to U.S. efforts to limit China's access to advanced technologies, particularly semiconductors 1. The government has pledged support for research and development in "core technology in key fields," with a particular interest in expanding AI applications in smart manufacturing, new-energy vehicles, and robotics 13.
Lou Qinjian, spokesman for the NPC, highlighted China's breakthrough DeepSeek AI model as an example of the country's "innovative and inclusive approach to technology" 25. This emphasis on AI and technological advancement aligns with President Xi Jinping's goal of reducing dependence on foreign technologies.
The NPC takes place against a backdrop of increasing trade tensions with the United States. China recently announced additional tariffs of up to 15% on U.S. farm products, including chicken, pork, soy, and beef, in retaliation for increased U.S. tariffs on Chinese goods 23. These trade frictions could potentially reduce China's economic growth by up to 1.1 percentage points, according to Maybank Investment Banking Group 1.
Premier Li acknowledged the "increasingly complex and severe external environment," citing rising "tariff barriers" and geopolitical tensions as significant challenges 14. These external pressures compound the domestic economic difficulties China faces.
The NPC is set to review legislation aimed at improving market conditions for private enterprises, signaling the government's support for the private sector 25. This move follows President Xi Jinping's recent meeting with business leaders, including Alibaba founder Jack Ma and Huawei CEO Ren Zhengfei 23.
China also announced a 7.2% increase in its defense budget for 2025, maintaining the same growth rate as the previous year 14. This increase reinforces China's position as the holder of the world's second-highest military budget, behind only the United States 1.
The government work report reiterated Beijing's stance on Taiwan, reaffirming its ambition to "resolve the Taiwan question" and opposing any separatist activities or external interference in cross-strait relations 14. This position underscores China's continued focus on asserting its territorial claims and challenging U.S. alliances in Asia.
As the NPC progresses, the world will be watching closely to see how China addresses its economic challenges, advances its AI capabilities, and navigates the complex geopolitical landscape in the coming year.
Reference
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China unveils its major policy priorities for 2025, emphasizing consumer spending and technological breakthroughs, with a particular focus on AI development and integration across various sectors.
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China's Communist Party holds a crucial policy meeting to address economic challenges and endorse President Xi Jinping's vision for a high-tech driven economy, amidst concerns over slowing growth and international tensions.
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China's annual National People's Congress gains newfound energy from DeepSeek's AI breakthrough, marking a shift from previous years' muted atmosphere. The event also follows President Xi Jinping's meeting with business leaders, including Jack Ma.
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Chinese President Xi Jinping announces comprehensive reforms to address local government debt and stimulate economic growth. The plan includes financial system restructuring, support for indebted regions, and emphasis on developing new productive forces.
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Chinese President Xi Jinping emphasizes technological advancement as a national priority during the annual National People's Congress, despite economic slowdown and international tensions.
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