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TMI BlogChina fixes 'challenging' five per cent GDP target for this year amid Trump tariff warX X X X Extracts X X X X X X X X Extracts X X X X ..... China fixes 'challenging' five per cent GDP target for this year amid Trump tariff war X X X X Extracts X X X X X X X X Extracts X X X X ..... Xi Jinping attended the opening session of the National People's Congress (NPC), China's legislature at the Great Hall of the People in Beijing. Premier Li Qiang, who read out the annual work report listing the government's achievements besides presenting the budget for this year, much on the expected lines, retained the five per cent GDP target for this year, the same as last year for China. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In his work report, Li said last year’s target of five percent was achieved, and the GDP rose to 134.9 trillion yuan (over USD 19.27 trillion), making China among the world’s fastest-growing economies. All parties should work hard to achieve the “very challenging” goal, given an “increasingly complex” external environment, he said in apparent references to the current escalating trade war, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... US. In his six-week new term, US President Donald Trump announced 20 per cent tariff increases in two phases on Chinese exports, demanding China to address US concerns over fentanyl, a potent opioid drug blamed for widespread drug addiction in America. Ironically, Trump’s address to Congress in Washington during which he referred to tariffs against China and the opening session of the NPC too ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... k place around the same time. China on Tuesday retaliated against Trump's imposition of the second round of ten per cent tariffs on its exports by slapping an additional 15 per cent tariffs on American goods and initiated legal action against Washington in the WTO. “All eyes will be on whether China’s leaders take bolder economic policies and boost domestic consumption to restore confidence an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d reflate the economy as growing international uncertainties follow Donald Trump’s return to the White House,” veteran Chinese commentator and columnist Wang Xiangwei said. “Beijing has long relied on two traditional engines of growth: exports and infrastructure spending. Now, with Trump's tariff threats and rising trade tensions with the European Union, China’s export outlook for this year rema ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ins bleak," he told Hong Kong-based South China Morning Post. He said Beijing had little choice but to boost domestic consumption, the importance of which the leadership acknowledges publicly but has yet to give top priority to. China’s efforts so far to boost domestic consumption by providing subsidies to the households to upgrade their electrical appliances and vehicles are welcome but not eno ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ugh, he said. In his work report Li outlined an array of other key development goals for this year. He also spoke of a surveyed urban unemployment rate of around 5.5 per cent and promised to create over 12 million new urban jobs. He outlined China’s “new achievements” in integrated circuits, AI, and Quantum Technology, besides big strides made by China in the space sector, which included bri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nging samples collected from the moon surface. China achieved five per cent economic growth in 2024 as an impactful policy package, along with other pro-growth measures, helped fuel strong economic momentum, the work report said. Huang Qunhui, a national political advisor from the Institute of Economics of the Chinese Academy of Social Sciences, described this year's economic growth target as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... scientifically grounded and realistic. "In the face of a challenging global environment, the proactive and resilient goal suggests that China is braving uncertainties with a clear, determined approach to growth," he told state-run Xinhua. Li said Domestic demand will be the main engine and anchor of economic growth To pump up the economy, China will issue a total of 1.3 trillion yuan (about ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... USD 182 billion) of ultra-long special treasury bonds this year, up 300 billion yuan (about USD 42 billion) from last year, he said. China has set its deficit-to-GDP ratio for this year at around four per cent, an increase of one percentage point over last year. Li pledged to better support the private economy and bolster business confidence to shore up sagging business confidence in the count ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry following crackdowns against business in the last few years. Li said Beijing would strengthen legal protections and policy support for private enterprises, ensuring their legitimate rights and curb profit-motivated law enforcement against private companies to address the concerns of the private sector. China also aims to foster emerging and future industries, such as quantum technology and th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e low-altitude economy, accelerate the upgrading of traditional industries, and combine digital technologies including AI with manufacturing and market strengths, he said. He said foreign investment was encouraged and China would persistently stick to its opening-up policy, leading to more reforms and development opportunities. Beijing will encourage foreign investors to expand their investmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts in China and cooperate with companies up and down the industrial supply chain, Li said.
He said Beijing would establish a mechanism for “future industries” to support hi-tech fields including biomaterials manufacturing, quantum technology, embodied intelligence and 6G. PTI KJV PY PY PY X X X X Extracts X X X X X X X X Extracts X X X X
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