China’s ruling Communist party will hold its annual parliamentary session, the National People’s Congress (NPC), on 5 March, where it will unveil a major government reshuffle to double down on President Xi Jinping’s agenda. For Xi, the most urgent task is reviving the economy. China is eager to improve trade ties with major economies as it emerges from three years of pandemic lockdowns that eroded much of the country’s growth potential. Outgoing premier Li Keqiang is likely to announce a minimum 5pc GDP growth target for this year, given strong economic indicators for February. But Beijing may set a 5.5-6pc target that will not be easy to achieve because of weak export and manufacturing growth, Dutch bank ING says. It only sees growth of 5.5pc achievable if consumption and employment post strong growth.
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