Welcome to The Adversarial. Every other week, we’ll provide you with expert analysis on America’s greatest challengers: China, Russia, Iran, North Korea, and jihadists. Read more below.ChinaThis week, China observers are watching the “Two Sessions,” the annual meeting of China’s 3,000-person National People’s Congress in Beijing that convenes March 5–11. On Tuesday, Premier Li Qiang announced an annual growth target of 5 percent, and the world’s political leaders and business communities will be watching closely during the week for other signals about the direction of China’s near-term economic policy. Economic analysts believe that the 5 percent growth target could be difficult to achieve in the face of significant economic challenges, from a troubled property sector to local government debt to declining foreign investment and growing trade friction.Li described the external environment for China’s economic growth as “more complex, severe, and uncertain,” due to “global economic growth lacking steam” and the eruption of “regional hotspots” that have disrupted the global economy. China’s economic policies, he noted, will “ensure that high-quality development and greater security reinforce each other.” He outlined steps for China to “make it easier for foreign nationals to work, study, and travel” in China. These remarks are consistent with previous ones that portray China as “open for business,” but may not be enough to mitigate ongoing concerns over how growing securitization in China contributes to a high-risk environment for international business. Li also discussed efforts to upgrade supply chains, promote the digital economy and green development, and foster key strategic industries, and said that China needed to refine its defense science, technology, and industrial systems.Accordingly, China announced budget increases for diplomacy (6.6 percent increase) and public security (1.4 percent increase), and set the official defense budget at 1.67 trillion yuan ($230.6 billion), an increase of 7.2 percent that maintains the steady growth seen in previous years. Policy-wise,
Members-Only Content
This article is reserved for War on the Rocks members. Join our community to unlock exclusive insights and analysis.
Welcome to The Adversarial. Every other week, we’ll provide you with expert analysis on America’s greatest challengers: China, Russia, Iran, North Korea, and jihadists. Read more below.ChinaThis week, China observers are watching the “Two Sessions,” the annual meeting of China’s 3,000-person National People’s Congress in Beijing that convenes March 5–11. On Tuesday, Premier Li Qiang announced an annual growth target of 5 percent, and the world’s political leaders and business communities will be watching closely during the week for other signals about the direction of China’s near-term economic policy. Economic analysts believe that the 5 percent growth target could be difficult to achieve in the
