China outlines economic plans in face Trump’s tariff war
“We will firmly implement the strategy of expanding domestic demand, strengthen the domestic economy and drive its expansion, and broaden international cooperation through further opening up, so as to promote greater mutual reinforcement and higher-standard positive interplay between domestic and international economic flows,” Li said.
Li said the government deficit had been increased to 5.66 trillion yuan ($1.24 trillion), up from 1.6 trillion yuan over last year’s budget figure.
As the second top order priority, the report listed China’s goal of advancing its high-tech sector, reinforcing Beijing’s ambition to eclipse the US in the race for global dominance of artificial intelligence.
Chinese President Xi Jinping, centre, stands during the opening session of the National People’s Congress (NPC) at the Great Hall of the People in Beijing, China, on Wednesday.Credit: AP
The congress comprises almost 3000 delegates from across the country who descend on the capital for a week-long sitting each year to sign off on bills and policies already approved by the Communist Party leadership, in what is a tightly scripted and staged-managed affair.
Together with the sitting of the country’s top political advisory body – the Chinese People’s Political Consultative Conference, which meets at the same time – the annual gathering known as the “two sessions” adds a veneer of democratic participation to the CCP’s one-party governance, which vests almost total power lin President Xi Jinping.
Former Chinese basketball player Yao Ming arrives for the opening session of the National People’s Congress (NPC) at the Great Hall of the People in Beijing on Wednesday.Credit: AP
The delivery of the work report is a closely watched event and will be scrutinised by officials, analysts and academics experts in Washington and other political capitals for signals from Xi and party leadership about their plans and ambitions.
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The report will also be unpacked in Canberra, given close dependence of Australia’s economy on China’s economic growth. China is Australia’s largest trading partner and buys nearly a third of all Australian exports, meaning depressed domestic demand has the potential to wreak havoc for the Australian exporters and the broader economy.
This year’s gathering began a day after Trump doubled his tariffs on Chinese imports on 20 per cent, triggering an immediate backlash from Beijing which fired back with its own package of measures including tariffs of up to 15 per cent on poultry, meat, and a range of farm products.
Delegates arrive ahead of the opening session of the National People’s Congress at the Great Hall of the People in Beijing.Credit: AP
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