Beijing is expected to resist growing market pressure for much stronger stimulus to spur China’s economic recovery at its flagship annual political event this week, analysts have said, as President Xi Jinping focuses on turning the country into an advanced manufacturing superpower. Thousands of delegates will descend on Beijing for the opening session of the National People’s Congress, China’s rubber-stamp parliament.
Analysts believe — based on provincial gross domestic product forecasts this year — that Li will set a growth target of 5 per cent for the national economy. This would match last year’s figure, which was the lowest in decades. But it will be more difficult to achieve in 2024, analysts said. Last year’s growth figure of 5.2 per cent was flattered by a low base of activity from the pandemic a year earlier. “The government work report will aim to revive consumer and business confidence . . .