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China Opens Two Sessions With Focus on Economy and Global Relations

  • President Xi Jinping enters the Annual National People's Congress with growing confidence in China's economy despite rising tariffs from Donald Trump that challenge this momentum.
  • Beijing plans to raise its official budget deficit target to about 4% of GDP, aiming for GDP growth of roughly 5% to counter economic challenges.
  • Analysts predict that household confidence remains weak, significantly impacting consumption, which contributed less than 45% of GDP growth last year.
  • Yao Yang of Peking University expresses concern that fiscal stimulus may be insufficient to address local government debt amid ongoing trade tensions with the U.S. And possible tariff increases.
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  • 39% of the sources are Center
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South China Morning Post broke the news in Hong Kong on Saturday, March 1, 2025.
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