Hu Yuxiao, chief economist at Shanghai Stock Exchange, said China is in the middle of an economic transformation. “The pursuit of speed has given way to a change in the growth model,” Hu said.
Wang Huiyao, founder of the Center for China and Globalization, said he was confident China could achieve its growth target, citing the growth of its electric car, high-speed rail and 5G internet capabilities. “China is the largest experimental battleground for new productive forces,” he said.
Chinese Premier Li Qiang.credit: AP
In the largely inward-focused hour-long speech, Li reiterated Beijing's position on Taiwan and said China would promote the “peaceful development of cross-Strait relations” while pursuing the “glorious cause of national rejuvenation.”
The Chinese Communist Party claims the democratic island belongs to it even though it has never ruled Taiwan, and threatens it with a daily campaign of harassment. On Tuesday, the island's Ministry of Defense spotted dozens of Chinese warplanes and six naval ships near Taiwan.
Lee said the government would continue to invest in military development, without specifying a specific figure. Li said the party will implement Xi Jinping's ideas on strengthening the military and strategy. “We will remain committed to the party’s absolute leadership of the People’s Armed Forces,” he said.
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In statements seen as directed at the United States and its allies, the Prime Minister said that China “will remain resolute in opposing all acts of hegemony, tyranny and bullying and upholding international justice and fairness.”
The National People's Congress speech, which effectively sets the Chinese government's annual budget, is one of the few public windows into Beijing's increasingly opaque decision-making process each year. The plenum, where major political shifts are usually announced, was expected to be held before the conference, but that did not materialize. The conference is scheduled to continue until Sunday, largely behind closed doors.
Restrictions have increased as power has become increasingly concentrated around Xi. The conference announced on Monday that Li's annual press conference at the end of the event had been canceled for the first time in three decades, eliminating one of the few opportunities to ask Chinese leaders questions each year.
