(Reuters) – China’s parliament, the National People’s Congress (NPC), kicked off its annual session on Tuesday, with Premier Li Qiang delivering his maiden work report in the Great Hall of the People in Tiananmen Square.
Here are the main takeaways:
ECONOMY AND GROWTH
China will aim for economic growth of about 5% this year as it works to transform its development model, curb industrial overcapacity, defuse property sector risks and cut wasteful spending by local governments. It plans to run a budget deficit of 3% of economic output, down from a revised 3.8% last year. But crucially, it plans to issue 1 trillion yuan ($139 billion) in special ultra-long term treasury bonds, which are not included in the budget.
TAIWAN AND DEFENCE
Referring to Taiwan, China will “be firm in advancing the cause of China reunification”, dropping previous mentions of “peaceful reunification”. China also announced it would boost defence spending by 7.2% this year, in line with last year.
SCIENCE AND TECHNOLOGY
China will formulate development plans for emerging industries, including quantum computing, and will continue striving toward self-sufficiency in technology, including stepping up efforts in big data and artificial intelligence.
CHILDREN AND THE ELDERLY
China will improve policies supporting childbirth and detailed plans to support a growing elderly population by raising benefits and basic pensions and pushing forward a private pension system.
ENERGY AND RESOURCES
China will step up exploration and development of oil, natural gas and strategic minerals to ensure energy and resource security and will tighten control over fossil fuels consumption.
It will also expand its production of soybean and other oilseed crops while keeping livestock and fishery production stable, in a move to enhance food security for the world’s second biggest economy, according to an official work report on Tuesday.
(Writing by Lincoln Feast. Editing by Gerry Doyle)
Comments