After a week, the annual session of the Chinese People’s Congress ends today. At the end of the session, almost 3,000 delegates approved growth targets and the government’s budget draft.
At the end of this year’s session, the Chinese People’s Congress approved the government’s ambitious growth target of 5.5 percent for this year.
As expected, the nearly 3,000 delegates in Beijing voted in favor of Prime Minister Li Keqiang’s work report, which outlined the economic course for the second-largest economy.
In view of the uncertainties caused by the Ukraine war, the growth target is surprisingly ambitious. It’s above expectations from the International Monetary Fund (IMF), which predicted 4.8 percent for China in January.
increase in defense spending
The People’s Congress also voted for a sharp increase in the military budget. As expected, delegates approved the budget, which envisages a significant 7.1 percent increase in defense spending this year. It is the highest increase in three years. Total spending, on the other hand, is only expected to grow by 3.9 percent.
The sharp rise in military spending comes amid threats from the communist leadership towards democratic Taiwan and China’s territorial disputes with its neighbors in the South and East China Seas. At the annual conference, China’s determination to “reunify” with Taiwan was reaffirmed.
Growing international tensions
Beijing sees free Taiwan only as part of the People’s Republic and is increasingly threatening military conquest. Rising tensions between China, Taiwan, the US and even Japan are also raising concerns about the Russian invasion of Ukraine. Several senior former US officials visited Taiwan last week to send a signal of US support in the face of the Ukraine crisis.
The US has committed to Taiwan’s defense capability and is supplying weapons. Previous US administrations have left open whether they would come to the island’s military aid in the event of an attack to deter Beijing. But US President Biden said in October that the US had an “obligation” to do so. After just a week, the annual meeting concludes with a rare and carefully orchestrated press conference from the prime minister.
More answers are awaited on China’s position in Russia’s war in Ukraine. Hopes that China could use its influence over President Vladimir Putin to secure a solution to the conflict have so far been dashed. Rather, Beijing is still backing him and increasing criticism of the United States, which is presented as the actual cause of the conflict.
Source: Stern
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