Friday, November 8, 2024

China focuses on consumer-led revival as legislature opens session

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New Delhi : On Sunday, China’s legislature opened a session to tighten President Xi Jinping’s grip over the country’s business and society, with a focus on a consumer-led revival of the struggling economy. Premier Li Keqiang, the top economic official, set this year’s growth target at “around 5%” following the lifting of anti-virus controls that kept millions of people at home, which led to protests. China’s economy, the world’s second-largest, grew by only 3% last year, the second-weakest level since at least the 1970s. In a speech on government plans, Li stated, “We should give priority to the recovery and expansion of consumption.” The NPC is set to endorse a new government, with Xi loyalists including a new premier, after the president was awarded a third five-year term as party general secretary in October. The new leadership team will face challenges ranging from weak global demand for exports and lingering U.S. tariff hikes in a feud over technology and security to curbs on access to Western processor chips due to security fears.

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