Key Points
- China's parliament, the National People's Congress, kicked off its annual session on Tuesday.
- Premier Li Qiang delivered his maiden work report, including a 2024 economic growth target of around 5 per cent.
- From Taiwan and defence, to children and the elderly along with energy and resources, here are the key takeaways.
China's Premier Li Qiang has announced an ambitious 2024 economic growth target of around 5 per cent, promising steps to transform the country's development model and defuse risks fuelled by bankrupt property developers and indebted cities.
Delivering his maiden work report at the annual meeting of the National People's Congress, China's rubber-stamp parliament, Li also flagged higher defence spending, while hardening the rhetoric on Taiwan.
Here are the main takeaways.
Economy and growth
China will aim for economic growth of about 5 per cent this year as it works to transform its development model, curb industrial overcapacity, defuse property sector risks and cut wasteful spending by local governments.
This is the same goal as last year but far lower than previous decades. Beijing has struggled to sustain its rebound from the COVID-19 pandemic as a property sector crisis and flagging consumption weigh on growth.
Li said the country would seek "steady growth" in consumer spending and "defuse risks in real estate (and) local government debt".
Beijing will also remove more barriers to foreign investment and "appropriately cut import tariffs on advanced technology and equipment", Li said at Beijing's Great Hall of the People.
The Chinese economy expanded by 5.2 percent in 2023, according to official statistics - one of its lowest rates in years.
China plans to run a budget deficit of 3 per cent of economic output, down from a revised 3.8 per cent last year.
But crucially, it plans to issue 1 trillion yuan (A$214 billion) in special ultra-long term treasury bonds, which are not included in the budget.
Taiwan and defence
Referring to Taiwan, China will "be firm in advancing the cause of China reunification", dropping previous mentions of "peaceful reunification".
Beijing claims Taiwan as a part of its territory and has been vocal about its plans for reunification under its "One China Principle".
It has maintained a hard line towards Taiwan's ruling party since its candidate Lai Ching-te
Taiwan, which has its own constitution and has been governed separately since 1949, maintains it is independent despite never formally declaring separation from China.
China also announced it would boost defence spending by 7.2 per cent this year, in line with last year.
Science and technology
China will formulate development plans for emerging industries, including quantum computing, and will continue striving toward self-sufficiency in technology, including stepping up efforts in big data and artificial intelligence.
Children, young people and the elderly
China will improve policies supporting childbirth and detailed plans to support a growing elderly population by raising benefits and basic pensions and pushing forward a private pension system.
The work report said Beijing will "strengthen measures to promote the employment of young people", an issue at the heart of China's economic malaise.
It said Beijing would "apply a combination of measures to ensure stability in employment and promote income growth".
Nationwide, it targeted over 12 million new urban jobs and a surveyed urban unemployment rate across all working demographics of "around 5.5 percent".
Energy and resources
China will step up exploration and development of oil, natural gas and strategic minerals to ensure energy and resource security and will tighten control over fossil fuels consumption.
It will also expand its production of soybean and other oilseed crops while keeping livestock and fishery production stable, in a move to enhance food security for the world's second biggest economy, according to an official work report on Tuesday.
