The Chinese government is trying to lift spirits, but it has failed to offer realistic plans to address the country’s deep-seated economic problems.
Chinese Premier Li Qiang delivers a speech during the opening of the second session of the 14th National People's Congress (NPC) at The Great Hall of People in Beijing, March 5, 2024. Credit: Lintao Zhang via Getty Images
For anyone hoping that the National People’s Congress (NPC) in Beijing last week might have filled the economic policy void left by the silence of policymakers over the long winter months —and the still unannounced Third Plenum — there was only disappointment. There were no surprises in the main speeches and policy documents, no new or comprehensive proposals to address China’s systemic economic problems, and no convincing case that the government’s ‘around 5 per cent’ GDP target f
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