Key points
- China’s National People’s Congress will hold annual meeting amid Trump’s more tariff threats
- Trump has imposed a 10pc tariff on Chinese goods
- China’s National People’s Congress will also set development priorities for the year
ISLAMABAD: China’s National People’s Congress (NPC) will start its annual meeting on March 5, giving leaders a chance to set the economic direction and layout spending plans for the year ahead.
Bloomberg reported, with US President Donald Trump threatening more tariffs.
What’s on the agenda?
According to Xinhua, the first main matter is the annual growth target. The figure, set to be unveiled in the government work report at the start of the NPC session, is among the most anticipated topics every year.
Alongside the GDP target, the government work report is expected to outline other key economic indicators, including the deficit-to-GDP ratio and inflation target. It will also set development priorities for the year.
According to media reports, a main focus in 2025 will be on boosting consumer spending. Policymakers may expand China’s trade-in programme for consumer goods and introduce measures to restore household confidence and unlock long-term spending potential, media reports suggest. Possible measures include raising pension payouts for retirees, increasing subsidies for basic social insurance, and offering financial support to families raising children.
By the end of the session, these plans are likely to receive approval from the parliament.
Trump’s tariff
While the US President, Donald Trump, is unlikely to be mentioned in any official documents at the NPC, his policies targeting China will cast a long shadow over the gathering, according to western media reports.
Since taking office, Trump has imposed a 10 per cent tariff on Chinese goods, sought to restrict Chinese investment in strategic US sectors like tech and energy, and urged Mexico to levy its own tariffs on Chinese imports.
Two sessions
The “two sessions” are the annual meetings of China’s top legislature, the NPC, and the top political advisory body, the National Committee of the Chinese People’s Political Consultative Conference (CPPCC), according to Chinese state-run news agency Xinhua reported.
The NPC is the highest state organ of power. That means in addition to its duty as the top legislature, it wields the power to elect national leaders, and approve government budgets and national development plans, among others, according to Chinese media.
