China's two sessions tackle economic goals amid US trade strain
The largest and most important annual political event in Beijing, the Two Sessions, began on Tuesday. During this time, targets for GDP growth and measures to stimulate the economy in the face of weakening domestic consumption and growing trade tensions with the US will be presented.
The Two Sessions involve simultaneous meetings of the National People's Congress (NPC), the facade parliament of the People's Republic of China with nearly 3,000 deputies, and the Chinese People's Political Consultative Conference (CPPCC), which functions as an advisory body to the government and has over 2,000 members.
The economy as a key theme in China
The state news agency Xinhua reported that Chinese President Xi Jinping attended the opening meeting of the 3rd session of the 14th National Committee of the CPPCC on Tuesday afternoon Eastern Time.
The inaugural session of the NPC will take place on Wednesday. Premier Li Qiang will present a report on the government's work in the previous year and outline economic goals for 2025.
Xinhua noted that increasing domestic demand and promoting technological innovation, including artificial intelligence, will be prioritized. Greater government support for the private sector is also expected.
According to observers, Beijing will set a GDP growth target of "about 5 percent" for the third consecutive year.
Foreign Minister Wang Yi will outline the foreign policy directions of the People's Republic of China during a press conference on Thursday.
The US imposes tariffs on China
The largest and most important annual political event coincided with the implementation of a 10-percent increase in tariffs on Chinese goods, imposed by the administration of Donald Trump.
In response to Donald Trump's move, Beijing announced that it will impose new tariffs on American food and agricultural products, including chicken and cotton. Tariffs of 10 percent will also be applied to imported sorghum, soybeans, pork, beef, fruits, vegetables, and dairy products from the US.
In reaction to earlier American tariffs, China announced retaliatory tariffs of 15 percent on the import of coal and liquefied natural gas (LNG) from the United States, and 10 percent on the import of crude oil, agricultural machinery, large engine vehicles, and so-called pickups.
