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China Opens Two Sessions With Focus on Economy and Global Relations

  • President Xi Jinping opened China's biggest political meeting, focusing on economic confidence and global relations amid rising tariffs imposed by the United States.
  • China plans to establish a 5% growth target while increasing its budget deficit, expected to reach 12 trillion yuan, as it tackles deflation and trade war issues.
  • Household spending remains low due to the real estate downturn, with consumption contributing less than 45% of GDP growth last year, the lowest since 2006.
  • Officials warn that fiscal stimulus may not be sufficient to combat trade challenges, with potential US tariff increases leading to more economic strain.
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  • 38% of the sources lean Left, 38% of the sources are Center
38% Center
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South China Morning Post broke the news in Hong Kong on Saturday, March 1, 2025.
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