Friday, November 22, 2024

China focuses on consumer-led revival as legislature opens session

Published on

Advertisement

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.

Latest articles

‘I’m not in a rush to signal movies back-to-back…,’ Shraddha Kapoor opens up about profession decisions and previous struggles

Bollywood star Shraddha Kapoor, adored by thousands and thousands for her attraction and...

Gautam Adani charged with $250 million bribery scheme, US prosecutors declare

Billionaire Indian industrialist Gautam Adani has been charged with paying a whole lot...

Musk and Ramaswamy unveil radical imaginative and prescient to slash forms and revamp US governance

Elon Musk and Vivek Ramaswamy, appointed because the incoming “effectivity tsars” in President-elect...

Rafael Nadal declares retirement: A glance again at his legendary profession

Rafael Nadal ended his profession on Tuesday (19) as Spain had been elimintated...
Advertisement
Advertisement