China sets GDP target for 2023; the defense budget increases by 7.2%

China to target gross domestic product growth of around 5% for 2023: PM Li Keqiang said in its final government activity report to the National People’s Congress — the annual parliamentary gathering.
The meeting kicked off on Sunday morning, a key political event that promises a reshuffle at the highest levels of government that could further consolidate President Xi Jinping’s power. The other major economic targets for 2023 announced by Li, who is expected to be replaced by Xi’s ally Li Qiang, are as follows:
While real GDP growth of 3% last year largely missed the official target, there are high hopes that the reopening will boost growth and investor confidence in the world’s second-largest economy.
At a press conference on Saturday that coincided with the opening of the CPPCC, China’s top political advisory body, NPC spokesperson Wang Chao announced that the legislative session will end on the morning of March 13, making it slightly longer than last year’s pandemic-shortened event.
China’s defense spending will increase by 7.2%
China said its defense spending would rise 7.2% this year – the fastest pace since 2019 amid growing tensions with the United States over a range of issues, including Taiwan.
Military spending is expected to reach 1.55 trillion yuan ($225 billion) in 2023, according to the Finance Ministry’s annual report released at the opening of the National People’s Congress in Beijing on Sunday.
People’s Liberation Army spending has increased by at least 6.6 percent each year for the past three decades, keeping pace with or often outpacing economic growth, although this figure is significantly exceeded by military spending by the UNITED STATES.
China vows to curb ‘unregulated’ property market expansion
China has said it will target a disorderly expansion of the real estate sector, as policymakers seek to strike a balance between boosting economic growth and defusing financial risks.
Efforts should be made to prevent the “unregulated” expansion of the property market to promote its stable development, Premier Li Keqiang told the annual session of the National People’s Congress – the Communist Party-controlled parliament .
The government has also pledged to provide “effective risk prevention and mitigation” among high-quality core developers and help shore up their balance sheets, Li said.

China vows to control fossil fuels

China, the world’s top clean energy market, will aim to “accelerate the development of a new energy system” and plans to prioritize efforts to control fossil fuel consumption, according to a government work report .
Development goals for this year include “continued reductions in energy consumption per unit of GDP and releases of major pollutants,” the document says.
“We have taken advantage of the role of coal as the main source of energy, increased the capacity of advanced coal production and intensified support for power plants and heat supply companies to ensure energy supply,” says The report.
China aims to increase grain production
China plans to increase grain production to more than 650 million tonnes this year, according to a government work report. The country also aims to keep cereal acreage at a stable level and promote the production of oilseed crops, according to the report.
China sets modest growth target as economic risks persist
China has set a modest economic growth target for the year, a sign that the country’s top leaders are still concerned about the country’s recovery, given weak consumer confidence, falling exports and a real estate market still under pressure.
Beijing will aim for gross domestic product growth of around 5% for 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 the agency. Xinhua official press. The budget deficit target was set at 3 percent of GDP for 2023, Xinhua said.
The GDP target compares to last year’s target of around 5.5%, which China missed by a wide margin after Covid outbreaks and restrictions, as well as the housing crisis that drove growth of GDP at only 3%.

Wang Yang delivers opening speech at CPPCC

In a speech at the opening ceremony of the CPPCC, Wang Yang, chairman of the political advisory body and former deputy prime minister, said the CPPCC has worked to unify Chinese people inside the home and abroad over the past five years. The CPPCC has stepped up communications with groups in Taiwan and encouraged Hong Kong delegates to speak out on issues such as the drafting and implementation of the national security law, he said, adding that it will continue to unite all groups tightly around the Communist Party.

China defends its military budget

China must increase its military budget to tackle “complex security challenges”, a senior Chinese official has said, amid growing geopolitical tensions with the United States.
“Increased defense spending is necessary to meet complex security challenges and for China to assume its responsibilities as a great country,” said Wang Chao, spokesperson for the National People’s Congress, the body the country’s supreme legislature. He spoke at a press conference in Beijing on Saturday, a day before the key political event officially kicks off.
China’s defense spending has come under the spotlight amid growing friction with the United States over technology and the war in Ukraine, as well as Beijing’s claims to a large swath of the Sea of Southern China. There have also been concerns about a possible military clash between the superpowers in Taiwan.

Geely and Xiaomi chiefs talk

Li Shufu, founder of Chinese automaker Zhejiang Geely Holding Group Co., said China’s new energy vehicle industry – the world’s largest in terms of production and sales – is growing sustainably thanks to growing recycling. components such as lithium batteries. Government policy incentives such as purchase tax breaks have helped the industry and its supply chain continue to achieve technological breakthroughs, CPPCC delegate Li told reporters on the sidelines of the meeting.
He called on the government to take action to revitalize the national carbon trade by bringing more products to market and attracting more participants, according to a local media report.
Lei Jun, chairman of Xiaomi Corp., a smartphone and home appliance maker that has ventured into electric vehicle manufacturing, submits proposals to the NPC on improving car data regulation and promoting a “car culture” that encourages China’s growth. automobile industry. Lei, an NPC representative, also offered to push for the development of biorobotics, according to his post on Weibo, a Twitter-like social media platform.


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