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On February 28, 2025, in South China’s air area in South China.
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China on Wednesday set target GDP growth target by 2025 with “about 5%” and posted stimulating
Last year in Beijing raised the target budget deficit to “about 4%” GDP with 3% last year, according to to the official reportAs the country’s main legislative body, he held an annual meeting.
The 4% deficit will be noted by the highest record that is returned by 2010, according to the data with the help of wind information. The previous maximum was 3.6% in 2020, the data showed.
The government’s report outlined plans to issue 1.3 trillion yuan (178.9 billion dollars) in excess of long -term special Treasury bonds in 2025, which is 300 billion yuan more than last year. Another 500 billion yuan, which make up special Treasury bonds, will be issued to support large state commercial banks.
This year, the expanded financial package also includes the issuance of 4.4 trillion yuan local government to help ease their financial stress.
In the implicit recognition of the sluggish domestic demand, Beijing re -examined his annual consumer price goal to “about 2%” – – – – – – the lowest for more than two decades – From 3% and above in previous years, the Asian Society’s Institute of Policy reports.
The new purpose of inflation will act more than the goal that needs to be implemented. Consumer prices rose only by 0.2% in 2024 and 2023term Manufacturers’s prices have It has decreased for more than two years.
Emphasizing increasing domestic consumption as the main priority, Beijing has promised to expand the consumer goods program with an additional 300 billion yuan in Ultra Long Special Coorsury Bonds.
China seeks to maintain unemployment rate in urban which Last year amounted to 5.1%About 5.5% add more than 12 million jobs in urban areas.
Annual parliamentary meeting in the country, known as “Two Sessions”, began on Tuesday with the opening ceremony of the Chinese People’s Political Advisory Conference – the main advisory body.
The National People’s Congress began its meeting on Wednesday and is expected to complete the annual session on March 11. Foreign Minister and heads of several economic agencies should hold a press conference at this time.
Chinese offshore Yuan slipped up to 7.264 against the US dollar when Chinese Prime Minister Lee Ten submitted a report on work at a meeting of the National People’s Congress at the live broadcast. The Benchmark CSI 300 index was little transferred.
The course will be stored “usually stable at an adaptive, balanced level,” he said.
The yield of 10-year government bonds decreased slightly when the management promised to “make timely reduction” at interest rates, as well as the necessary reserve factor that determines the amount of cash that banks should be contained. The Chinese marine yuan depreciated up to 7,2640 against the US dollar.
The opening of China’s National Congress coincides with US President Donald Trump’s planned speech at a joint Congress sessionWhere Trump could share his agenda and goals for the year.
As for Taiwan, Beijing emphasized that “strongly opposed the separatist activity” aimed at the democratic independence, which is governed by the island, promoting “peaceful development of cross -relations”.
Tariffs for tattoo
This year, parliamentary meetings come when Trump imposed fresh tariffs on Chinese goods – an additional 20% of duties in about a month.
Beijing on Tuesday replied Additional tariffs up to 15% About some US goods from March 10 and export restrictions to 15 US companies. China too Added 10 American firms The list of unreliable organizations that can limit their ability to do business in an Asian country. Many of these US companies work in aerospace, protection or drones.
“We hope to work with the United States to solve each other’s problems through dialogue and advice on the basis of mutual respect, equality, reciprocity and mutual improvement,” Lou Cinan, a third session of the 14th National People’s Congress, told reporters.
“At the same time, we never accept any act that is pressured and threatened, and we will firmly defend our sovereignty, security and development interests,” he said in Mandarin through an official translation.
Stimulus and technology
Increasing American duties will be exported by China, a rare bright place in the economy that struggles with unsuccessful domestic demand.
While the second largest economy in the world grew by 5% in 2024Retail sales growth decreased to 3.4% from 7.1% in 2023. Last year, the contribution to real estate, with the investment in the sector decreased by 10.6% last year, a year earlier.
Investors watched Beijing’s efforts to resolve the country’s economic slowing after an unexpected, high level PABLY Support in September pushed the action. Profit from the market rose again after Chinese president Xi jinping spent a A rare meeting last month with entrepreneurs Including Jack Ma and Artificial Intelligence Alibaba and Artificial Intelligence Deepseek Lang Wenfeng.
“It cannot be denied that AI technologies are accompanied by some unknown risks and problems and will bring new tasks in areas such as security, social administration, morality and ethics. This will inevitably affect production,” Lou said.
“China … opposes the exceeding the concept of national security or politicization of economic and technological problems,” he said.
Without grabbing the specifics, the leadership repeated on Wednesday, which would work for supporting the private sector. NPC members will carefully review and improve the draft law on promoting the private economy, Lou said on Tuesday.
– Bernice Ooi in this report submitted to this report.
