The gathering reveals much about the woeful state of the country’s politics and economy
meeting of China’s parliament, the National People’s Congress, is a rubber-stamp affair. But the week-long session that began on March 5th is important. After a year of grim news about the country’s economy, investors want to know that the leadership has good ideas for steering it out of trouble. Citizens want reassurance that the. The gathering’s message, however, will satisfy few.
It had been thought that Mr Li, who was supportive of foreign investors and private entrepreneurs during leadership stints in the provinces, might use his close relationship with Mr Xi to champion their cause as prime minister. Mr Li is being wheeled out to charm the private sector—in January he was China’s front-man at the World Economic Forum.
The government has a plan to fix things, just not one that is likely to work. To help meet the growth target, Mr Li said that the central government would aim for a headline budget deficit of 3% of. It will also slightly increase the quota for “special bonds” issued by local governments that are spent largely on infrastructure. On top of that, the central government itself will sell 1trn yuan-worth of long-term special bonds this year, with more to come in the next few years.
The government’s own worries also loomed large in Mr Li’s speech. China’s leaders are determined to liberate the country from its technological dependence on hostile foreign powers, such as America. Mr Li described the global environment as “more complex, severe and uncertain” and said it was important for China to attain “greater self-reliance and strength” in science and technology.
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