As can be seen from a government work report available to AFP in advance, the Chinese leadership is aiming for gross domestic product (GDP) to grow by five percent for the current year. China’s military budget – the second highest in the world after the USA – is to be increased by 7.2 percent. Beijing plans to spend 1,665.5 billion yuan (213 billion euros) on defense.
The growth target for 2024 and the military budget are expected to be officially announced later today. Last year, economic growth was 5.2 percent, the lowest it has been in decades, with the exception of the pandemic years. China’s economy is struggling with poor consumer sentiment, weak demand for Chinese products abroad and an ongoing crisis in the real estate sector.
The meeting of China’s legislature typically lasts ten days and is part of the biggest political event of the year. The meeting of the Chinese People’s Political Consultative Conference, a political advisory body without decision-making authority, began on Monday.
Two-thirds of the 3,000 members of the National People’s Congress come from the Communist Party. Most of the laws that are to be passed were decided by the party leadership long in advance.
