Beijing announced a GDP growth target of around 5% and an official fiscal deficit of 3%, matching last year's goals. Authorities announced plans for "ultra-long" bonds for special projects, while hinting they could still deploy other stimulus tools .
In an example of how the phrase has trickled down, last week officials from the giant city of Chongqing — population around 32 million — made an effort to show how they were prioritizing digitalization and high-end manufacturing. They described the new "forces" as referring to greater tech innovation, higher efficiency and better environmental friendliness.
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