From Reuters, March 4:
China's political elite gathered in Beijing on Thursday as President Xi Jinping unveiled a sweeping roadmap for the country’s economic and political future, delivered against a backdrop of sharpening tech competition with Washington and mounting geopolitical friction.
The National People’s Congress, China’s rubber-stamp legislature, rolled out its Five-Year Plan outlining goals for growth, budgets, industrial policy and defence - signalling Xi’s determination to propel the world’s second-biggest economy toward technological dominance.Here are the main highlights from the NPC:
GDP, BUDGET PRIORITIES
China is looking to grow its economy at a 4.5%-5% pace, a touch below the 5% rate achieved last year, opening the door to greater efforts to rebalance the growth drivers.
Beijing's stimulus will also remain steady to rev up an economy stuck in a lower post-pandemic gear, setting a budget deficit of 4.0% of GDP, similar to last year.
HIGH-TECH DRIVE AS US RIVALRY SHARPENS
Aiming for tech supremacy in key fields such as AI and quantum computing amid a fierce rivalry with the U.S., Beijing is accelerating efforts to "seize the commanding heights of science and technological development." As the world's largest producer of rare earths, China is also moving to secure an edge in these critical minerals used in everything from electric vehicles to aircraft engines and defence technologies.
DEFENCE CAPACITY
China will improve combat readiness and accelerate the development of "advanced combat capabilities", Premier Li Qiang said, boosting defence spending by 7% in 2026.
Military observers are watching closely as Beijing pushes to modernise its forces by 2035 and project military power amid the backdrop of rising regional tensions, including over Taiwan, and global geopolitical strains.
FINANCIAL SYSTEM
China will inject around $44 billion into state-owned banks this year to guard against systemic risks, and boost financing for technology companies....
....MUCH MORE
