The meeting kicked off Sunday morning, a key political event that promises a shakeup at the top echelons of government that could further consolidate President Xi Jinping’s power. There were other major events. 2023 Li Qiang has set the following economic goals as his replacement.
While last year’s actual GDP growth of 3% missed the official goal by a wide margin, hopes are high that the reopening will boost growth and investor confidence in the world’s second-largest economy.
On Saturday, a briefing for media coincided with opening of CPPCC. China’s top political advisory body, NPC spokesman Wang Chao announced that the legislative session will close on the morning of March 13, making it slightly longer than last year’s pandemic-shortened event.
China The 7.2% increase in defense spending
China According to its defense spending would grow by 7.2% this year — the fastest pace since 2019 amid increasing tensions with the US on a range of issues, including Taiwan.
The military expenditures are expected to increase to 1.55 trillion Yuan ($225 billion). 2023, according the Ministry of Finance’s annual report released Sunday at the start of the National People’s Congress in Beijing.
Spending on the People’s Liberation Army has increased by at least 6.6% each year for the past three decades, keeping pace or often exceeding economic growth, although the figure is far surpassed by the US’s military expenditures.
China Vows to rein in ‘Unregulated’ Property Market Growth
China As policy makers try to balance economic growth with financial stability, it said that the government will be targeting disorderly property expansion.
To prevent this, it is worth making efforts. “unregulated” expansion in the property market to promote its stable development, Premier Li Keqiang said at the annual session of the National People’s Congress — the Communist Party-controlled parliament.
Also, the government promised to make sure “effective risk prevention and mitigation” Li believes in leading developers of high quality and helping them to improve their balance sheets.
China We make a promise to control fossil fuels
China, the world’s top clean energy market, will aim to “move faster to develop a new energy system,” A government report outlines the plans for prioritizing efforts to curb fossil fuel use.
These are the development goals for this year “continued reductions in energy consumption per unit of GDP and in the discharge of major pollutants,” According to the document.
“We leveraged the role of coal as a major source of energy, increased advanced coal production capacity and stepped up support for power plants and heat-supply enterprises to ensure energy supplies,” The report stated.
China Goals to increase grain output
China According to government reports, the country plans to boost grain production by more than 600 million tonnes this year. Report said that the country plans to increase grain production, while maintaining stable levels of grain acres. It also wants to promote oileed crop production.
China Economy Risks persist despite setting a modest growth target
China set a modest economic growth target for the year, a sign the nation’s top leaders are still concerned about the country’s recovery, given weak consumer confidence, declining exports and a housing market still under pressure.
Beijing will aim to increase gross domestic product by around 5% 2023, Premier Li Keqiang said in his final government work report to the National People’s Congress — the annual parliamentary gathering — on Sunday, according to state media Xinhua News Agency. According to state media Xinhua News Agency, budget Limitation on deficit was set at 3 % GDP Please see the following: 2023, Xinhua said.
The GDP target compares to last year’s goal of around 5.5%, which China After Covid restrictions and outbreaks, as well as the property crisis that dragged on, this was missed by a significant margin GDP Only 3% growth
Wang Yang Delivers Opening Speech at CPPCC
In a speech at the CPPCC’s opening ceremony, Wang Yang (chairman of the political advisory body) stated that the CPPCC had worked for unification of Chinese in China and abroad over the last five years. He said that the CPPCC had strengthened communication with Taiwanese groups and encouraged Hong Kong delegate to voice their opinions on matters such as the implementation and drafting of the national security laws. Furthermore, it would continue unifying all parties around the Communist Party.
China Defense of the Military Budget
China It needs to expand its military. budget To meet “complex security challenges,” A top Chinese official stated that this was happening amid increasing geopolitical tensions between the US and China.
“The increase in defense spending is needed for meeting the complex security challenges and for China to fulfill its responsibilities as a major country,” said Wang Chao, spokesman of the National People’s Congress, the country’s top legislative body. The official launch of the important political event was just days away when he spoke in Beijing at a press conference.
China’s defense outlays have come under the spotlight amid increasing friction with the US over technology and the war in Ukraine, as well as Beijing’s claims to a wide swath of the South China Sea. Concerns have been raised about a possible military conflict between superpowers in Taiwan.
Geely and Xiaomi Chiefs speak
Li Shufu was the founder and CEO of Zhejiang Geely Holding Group Co. China’s new energy vehicle industry — the world’s largest by output and sales — is developing in a sustainable way through increasing recycling of components like lithium batteries. The government’s policy incentives such as purchase tax breaks have helped the industry and its supply chain keep achieving technological breakthroughs, Li, a delegate to the CPPCC, told reporters on the sidelines of the meeting.
According to local media, he asked the government for measures to revitalize domestic carbon trading. He suggested that more products be introduced to the market as well as more participants.
Lei Jun is the chairman of Xiaomi Corp., a home appliance and smartphone maker, and has submitted proposals to NPC for improving regulation and promotion of EV manufacturing. “car culture” These encourage growth China’s auto industry. According to Lei’s post on Weibo (a social media site similar to Twitter), he also suggested that the NPC representatives push for biorobotics development.