During the inauguration of the annual NPC (National People’s Congress), Li Keqiang—Premier of China—said that China must be processed for a “hard struggle” as the country deals with a “serious and more complex environment. We should be completely prepared for a stern struggle. Li further told to a delegation of almost 3,000 representatives, “The difficulties we come across should not be underestimated, our assurance must not be shaken, and the energy we get to our work should not be allowed to decline.” This year’s meeting came between tariff tensions with China’s biggest trading partner, the U.S., which have enforced immense pressure on China’s financial markets and economy.
In remarks, Li cautioned that there would be higher risks ahead for the second largest economy globally. Li further added, “A full examination of developments in China and exterior shows that in pursuing progress this year, we will experience a graver and more complex environment plus risks and challenges, expected and otherwise, that are larger in number and size.” Beijing also declared that it anticipates the economy to increase at a slower rate in 2019 than the last year. Li stated the official financial growth target in this year would be 6% to 6.5%, in line with many analysts’ expectations. In the past year, the Chinese financial system expanded at its slowest rate since 1990, growing by 6.6% in 2018.
Relating to the U.S.-China trade war, China plans to endorse a new technology law in an offer to resolve trade war. In an odd step, China’s traditional legislature is due to sanction a law meant to aid in ending a bruising tariff conflict with Washington by disappointing executives from pressuring overseas companies to hand over technology. The clash with China’s biggest trading associate is outshining the NPC, which is the country’s highest-profile incident of the year.