Summary
China's major annual legislative meeting has ended, setting a low economic growth target of 4.5 to 5 percent for the next few years. The National People's Congress also discussed goals like technological self-reliance and tackling economic challenges. Measures to fight corruption and regulations from various government bodies were also key topics.
Key Facts
- China set its economic growth target at 4.5 to 5 percent, the lowest in nearly 30 years, apart from the pandemic period.
- The goal is part of China's 15th five-year plan, which outlines economic priorities from 2026 to 2030.
- China aims to be a "moderately developed" country by 2035, raising GDP per capita to $20,000.
- Beijing plans to boost industries like AI, aerospace, and biomedicine to achieve industrial self-reliance.
- The digital yuan, a digital currency, is being developed to improve international payments.
- The Chinese government is increasing efforts to fight corruption, reporting a rise in cases and recovered funds.
- The annual meeting featured "work reports" from government ministries, indicating future policies.
- The NPC runs parallel to the Chinese People’s Political Consultative Conference, forming the "Two Sessions".
