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2mo ago

China Concludes 'Two Sessions' with Focus on Economic Revival and High-Tech Innovation

Leaders set a 5% growth target, emphasize private sector support, and address U.S. trade tensions while unveiling plans for technological self-reliance.

Delegates file out after the closing ceremony of the Chinese People's Political Consultative Conference held at the Great Hall of the People in Beijing, Monday, March 10, 2025. (AP Photo/Ng Han Guan)
Journalists wait for the arrival of delegates at Tiananmen Square before the closing session of the Chinese People's Political Consultative Conference (CPPCC) in Beijing, China, Monday, March 10, 2025. (AP Photo/Vincent Thian)
A hostess uses a smartphone to take photo of her colleague at Tiananmen Square during the closing of the Chinese People's Political Consultative Conference in Beijing, Monday, March 10, 2025. (AP Photo/Andy Wong)
Red flags flutter in the wind near the Chinese national emblem outside the Great Hall of the People during the closing of the Chinese People's Political Consultative Conference in Beijing, Monday, March 10, 2025. (AP Photo/Andy Wong)

Overview

  • China's National People's Congress set an ambitious economic growth target of 5% for 2025, raising questions about the feasibility of achieving it without additional stimulus measures.
  • Leaders emphasized boosting domestic consumption, unveiling policies to enhance household incomes, ease credit, and stimulate spending, but analysts remain skeptical about their effectiveness.
  • Technological innovation, including artificial intelligence and quantum technology, was highlighted as a key driver of economic growth, with plans for significant investment in high-tech industries.
  • The government signaled renewed support for the private sector, which has faced regulatory challenges in recent years, aiming to restore confidence and promote growth.
  • Amid escalating trade tensions with the U.S., Chinese officials criticized American tariffs and underscored their commitment to self-reliance and innovation in response to external pressures.