China's government announced plans for a consumer-led revival of the struggling economy as its legislature opened a session Sunday that will tighten President Xi Jinping's control over business and society. Premier Li Keqiang, the top economic official, set this year's growth target "around 5%," following the end of anti-virus controls that kept millions of people at home and triggered protests. Last year's growth in the world's second-largest economy fell to 3%, the second-weakest level since at least the 1970s, the AP reports. "We should give priority to the recovery and expansion of consumption," Li said in a speech before the ceremonial National People's Congress in the Great Hall of the People.
The full meeting of the 2,977 members of the NPC in Beijing is the year's highest-profile event, but its work is limited to endorsing decisions made by the ruling Communist Party and showcasing official initiatives. This month, the NPC is due to endorse the appointment of a government of Xi loyalists including a new premier. The 69-year-old president expanded his status as China's most powerful figure in decades by awarding himself a third five-year term as party general secretary in October, possibly preparing to become leader for life. Li, an advocate of free enterprise, was forced out as the No. 2 party leader at the same time.
Xi's new leadership team will face challenges related to weak global demand for exports, lingering US tariff hikes in a feud over technology and security, and curbs on access to Western processor chips due to security fears. Li's report called for boosting consumer spending by increasing household incomes, but he gave no details in his speech. Separately, the Ministry of Finance announced a 7.2% budget increase for the ruling party's military wing, the People's Liberation Army, to $224 billion, the 29th straight annual increase. China's military spending is the world's highest after the US. The Stockholm International Peace Research Institute says the two countries together account for half of global military outlays.
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