""China has set an annual growth target of about 5 percent, promising to make domestic demand its main economic driver as an escalating trade war with the United States hit exports.""
""Budget deficit ratio from 3 percent to 4 percent doesn't seem much, but that's the highest that has been set in three decades.""
""Li in his 55-minute talk acknowledged both international and domestic challenges, asserting that the foundation for China's sustained economic recovery and growth is not strong enough.""
Amid escalating trade tensions with the US, China aims for a growth target of approximately 5%. Premier Li Qiang highlighted a significant increase in fiscal spending, raising the budget deficit to 4% to stimulate job creation and combat weak consumer demand. The government plans to generate around 12 million new jobs while striving for 2% inflation. Li acknowledged challenges from both external pressures and weak domestic demand, stressing the need for faster adjustments to invigorate the economy. This marks a pivot in strategy focusing on internal consumption as the primary growth engine.
Read at www.aljazeera.com
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