China’s annual Two Sessions have commenced, with Premier Li Qiang presenting the 2025 Government Work Report (GWR) outlining key economic and policy goals. The event, which includes meetings of the National People’s Congress (NPC) and the Chinese People’s Political Consultative Conference (CPPCC), sets the country’s strategic direction for the year.

The report maintains a 5% GDP growth target, reinforcing confidence in economic stability despite global challenges. Fiscal policies have been adjusted, including a 12.8% increase in special local government bonds and an expanded fiscal deficit target from 3% to 4% of GDP.

China also aims to boost exports and foreign investments, strengthening Free Trade Zones and promoting international partnerships like the China-ASEAN Free Trade Area.

Technological innovation remains central, with a focus on self-reliance, research reforms, and industry-academia collaboration. AI firms like DeepSeek are emerging as global competitors.

President Xi Jinping emphasized that scientific and technological advancements will drive China’s future economic growth, reinforcing the country’s commitment to innovation-led development.