BEIJING – A year after the Coronovirus attack by China, the government on Friday promised a strong return to economic growth of “more than 6 percent”, a sign of what China would do to run the world’s second-largest economy. Ready? Firmly.
As top officials held a confident vision for China’s ascent in the coming years, they drew a tight line on perceived threats to the Communist Party’s authority in Hong Kong, a move to block the democratic elections there. That was in the wake of antiwar demonstrations. Surrounded by the city in 2019.
Commitment to a relatively fast economic growth rate is a positive sign for the global economy. This suggests that Beijing is willing to free its funds to slow down its economy rather than offset the rising tide of debt. This means that the Chinese economy will continue to buy a lot for the world, including iron ore and computer chips.
China’s development goal comes when the virus has stopped everyone within its borders, and countries such as the United States and India have seen a steep decline in the number of cases in recent weeks.
It may be easy to achieve China’s target for this year. This is very little of how much Western economists expect the Chinese economy to realize. They are forecasting an expansion of around 8 percent, as manufactured goods exports continue to pick up, while the services sector has underperformed last year.
Even when he announced the target, the head of China, Li Keqiang, warned of the risks ahead.
“As coronoviruses are spreading around the world, there is increasing volatility and uncertainty on the international landscape, and the global economy is facing serious challenges,” Mr Lee said when he spoke of government work Gave a report to the legislature, then the National People’s Congress, At the beginning of its week-long annual gathering.
Congress is also set to increase China’s dominance in Hong Kong. National security law Beijing imposed the city last year. This year, delegates are scheduled Approve a proposal To reduce democratic competition in local elections in the former British colony. The planned overhaul of Hong Kong’s election laws would make it very difficult for democracy advocates – or even contestants – to hold any position of power.
China rewrote the rules on how Hong Kong’s top local official, called chief executive, and elected its legislature, Wang Chen, a politburo member specializing in legal matters, said in a speech .
He said Beijing would terminate membership of the region’s election committee, a body that chooses the chief executive, whose approximately 1,200 members are elected by groups that have generally been loyal to Beijing and the city’s business elite.
China will establish a new, separate process for candidates from different levels of elective office in Hong Kong. Mr. Wang said the changes would ensure that only loyal supporters of China could join the region’s government.
“Make sure the control is firmly in the hands of the forces that love their country and love Hong Kong,” he told Congress.
The pending law follows a crack that has already prohibited most democracy advocates in Hong Kong from speaking out against Beijing. “They want to strengthen it so that dissidents or Democrats can’t make a comeback,” said Steve Tsang, director of SOAS China Institute in London.
Mr Lee, the chief, took a tough stance on Hong Kong, saying Beijing would not mitigate any threat to its sovereignty in the region.
He also drew a hard line on Taiwan – the democratically governed island that Beijing claims as its territory – using language that appears harsher than the government has used in previous work reports. Taiwan’s current chairman Tsai Ing-wen has opposed Beijing’s demands to accept the mainland’s definition of the island’s status.
“We will be extremely vigilant against any separatist activity demanding Taiwan’s independence,” Mr. Li said.
But Mr. Lee’s message was too focused on recovering from the Chinese epidemic, which put the country in its worst crisis since the break-up of Tianmen in 1989, a year earlier.
The growth forecast for this year suggests that China expects a significant boom after last year, when uncertainties of the epidemic led the government Skip setting annual growth target For the first time in decades. China finally entered 2.3 percent increase In 2020, 6 percent or more in recent years is much slower than the normal pace, but the best performance of any major economy.
But China’s growth last year was more unbalanced than usual. The country actually lost its addiction based on the goal of turning away from exports and debt-fueled infrastructure investment and more permanent dependence on domestic consumption. Like most countries during the epidemic, travel and leisure spending increased in China last year.
He pledged to cut taxes for small businesses, many of which have small shops in towns and villages. But infrastructure spending will continue at a very fast pace. Mr Lee announced only token cuts – 2.7 percent – This year in the issuance of special purpose-bonds, which are mostly used for infrastructure projects and have nearly tripled in the last two years.
Mr Lee on Friday promised to pursue efforts to boost consumption. “With a focus on improving the well-being of the people, we will expand demand and promote better alignment between consumption and investment,” he said.
His government also released a draft plan for long-term development, which set goals to transform the country into a technologically advanced and environmentally clean power for five years and more.
Chris Buckley reported from Sydney, Australia. Austin Ramzi and Vivian Wang contributed reporting from Hong Kong. Albie Zhang, Claire Fu and Liu Yi contributed to the research.