China’s growth target for this year is ‘around 5%’… Focus on system stability and US-China competition rather than economic growth

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On the 5th, China presented its annual economic growth target of ‘around 5%’, the lowest ever, at the ‘Two Sessions (National People’s Congress, Chinese People’s Political Consultative Conference)’, the largest annual political event. Some people’s expectations that they would present a rate of 6% or more to focus on revitalizing the economy were wrong. Analysts say that instead of growth this year, when President Xi Jinping’s third term begins, he has revealed his intention to focus on strengthening President Xi’s one-person ruling system and competing for supremacy with the United States.

In particular, on the 4th, the opening day of the two sessions, it explicitly revealed its intention to ‘divide’ the EU and the US by sending a firm stance of ‘Gangdaegang’ to the United States and a message of appeasement to Europe, respectively. Wang Chao, spokesman for the National People’s Congress, took aim at the United States, saying, “Some countries relentlessly oppress foreign groups and individuals for private gain.” On the other hand, it made it clear that it would cooperate with the EU, saying, “It is not a competitor to China’s system,” unlike the US.

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● The largest defense budget in history

President Xi appeared in a no-mask at the opening ceremony of the 14th National People’s Congress (National People’s Congress) held at the Great Hall of the People in Beijing on the 5th. The top leaders, including Premier Li Keqiang, who is leaving office that day, also did not wear masks. On the other hand, about 2,100 attendees all wore masks.

On this day, Prime Minister Li set a target of around 5% growth rate, saying, “We will maintain the work stance of progressing in stability.” He also mentioned Taiwan and said, “We must take decisive action against the forces opposing independence in Taiwan.” Xi spoke several times with Li Zhansu, a former member of the Standing Committee, who was sitting next to him while Premier Li gave his work briefing.

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Through the Two Sessions, China announced that it had budgeted 1.5537 trillion yuan (about 293 trillion won) for this year’s defense budget, up 7.2 percent from the previous year. the largest ever. Even in 2020 and 2021, when the new coronavirus infection (Corona 19) is in full swing, the defense budget was increased by 6% from the previous year, respectively, and last year (7.1%) and this year, an increase rate of 7% was presented. He made it clear that he would spend money unsparingly on strengthening national defense regardless of the economy.

This seems to have the US and Taiwan in mind at the same time. Taiwan and the United States will hold presidential elections in January and November, respectively, next year. In other words, it revealed its will not to fall behind in the US-China military competition while putting pressure on the two countries busy with domestic politics ahead of the presidential election. Taiwanese media outlets such as Lian Hebo reported on the 5th that the People’s Liberation Army (PLA) held armed demonstrations against Taiwan for three days on the 3rd, 4th and 5th, mobilizing military aircraft, etc. The Continental Commission, Taiwan’s body in charge of China, issued a statement on the same day, urging them to “respect the Taiwanese people’s ideology of defending their sovereignty and freedom.”

As a result, there is an analysis that China’s political system is returning to the era of Mao Zedong, who emphasized ‘party-government unity’. On the 5th, Taiwan Central News Agency said, “An hour was enough for Prime Minister Li, who is a reformist, to leave office after completing his work report on this day. His 10-year reforms have also disappeared like a bubble,” he said, analyzing that China will walk the path of centralization with President Xi at the center.

The day before, on the 4th, President Wang Yang mentioned the name ‘Xi Jinping’ as many as 16 times in a business report, saying, “Let’s thoroughly implement the instructions and important remarks of General Secretary Xi Jinping.” It shows that the concentration of power in President Xi is considerable.

● Split US-EU

He also revealed his intention to incite the division between the US and EU, which are forming a single rank in the event of Russia’s invasion of Ukraine. Spokesman Wang said at a press conference on the 4th, “Some countries are violating international law and abusing the ‘extraterritorial application’ of domestic law.” It is interpreted as a remark aimed at the US administration of Joe Biden, who is trying to start additional regulations such as quantum computers and artificial intelligence (AI) technologies following the implementation of regulations on semiconductor exports to China in October of last year.

On the other hand, when asked about relations with Europe, he said, “There is no fundamental strategic disagreement or conflict between China and Europe. We support the autonomy of the EU.” It was also mentioned that Xi held summit meetings with French President Emmanuel Macron, German Chancellor Olaf Scholz, and European Commission President Ursula von der Larien after confirming his third consecutive term in October last year.

<Remarks aimed at the US from the Chinese Chamber of Commerce>

speakerspeech contentmeaning
National People’s Congress Spokesperson Wang Chao
(Press conference on the 4th)
“Some countries abuse international law for private gain”Criticism of US semiconductor export control, etc.
“Apply domestic law outside Repression of foreign groups and individuals”
Premier Li Keqiang
(National People’s Congress on the 5th business report)
“China’s defense budget increased by 7.2% compared to the previous year”on an impressive scale Prepare for the largest military conflict with the United States in history
“Guarding National Sovereignty, Security and Development Interests”Hard-line response to the Hong Kong issue and the South China Sea
“We will take decisive action to fight separatism in Taiwan and promote reunification.”Hard-line response to the Taiwan issue

Beijing =

Source: Donga

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