China set a modest target for economic growth this year of around 5%, according to a government work report on Sunday, as the National People's Congress (NPC) kicked-off its annual parliamentary session.
Li set a government budget deficit target at 3.0% of GDP, according to the report, widening from a goal of around 2.8% last year.
This year's parliamentary session will implement the biggest government shake-up in a decade as Beijing confronts a host of challenges and looks to revive its COVID-battered economy. Li and a slate of more reform-oriented economic policy officials are set to retire during the congress, making way for loyalists to President Xi Jinping, who further tightened his grip on power when he secured a precedent-breakingDuring the NPC, former Shanghai party chief Li Qiang, a longtime Xi ally, is expected to be confirmed as premier, tasked with reinvigorating the world's second-largest economy.
The NPC opened on a smoggy day amid tight security in the Chinese capital, with 2,948 delegates gathered in the cavernous Great Hall of the People on the west side of Tiananmen Square. It is the first NPC meeting since China abruptly dropped its zero-COVID policy in December, following rare nationwide protests.
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