On Tuesday, the Chinese leadership is set to unveil its economic blueprint at the annual parliamentary meeting, aiming for a growth target of 5%, even as U.S. tariff threats cast a shadow on proceedings. Delegates from all over China have converged in the capital for the “Two Sessions,” the nation’s most significant political assembly of the year.
The meetings commence with the Chinese People’s Political Consultative Conference (CPPCC) at the Great Hall of the People. Starting at 3 p.m. local time (2 a.m. ET), CPPCC members will deliberate on the agenda, evaluate a work report by Wang Huning, the committee’s chairman, and lay the groundwork for subsequent discussions.
The National People’s Congress (NPC) meeting follows on Wednesday, where investors will keenly scrutinize a government work report from Premier Li Qiang. Focused on steering the economy to a “around 5%” growth, the report is also anticipated to suggest elevating fiscal budget targets to 4% of GDP from the previous 3% and lowering inflation targets to 2%, a two-decade low.
Concluding on March 10, this week-long session will feature press briefings by key ministers. The timing of the meetings coincides with increased tensions as U.S. President Donald Trump signals a tariff escalation on Chinese imports to 20% due to disputes over fentanyl.
In response, China’s Ministry of Commerce remains firm against these tariffs, indicating possible retaliation on U.S. agricultural imports, as suggested by Chinese state-backed media Global Times.
