China has launched a number of initiatives intended to strengthen its faltering economy, and it has set an ambitious growth target of roughly 5% for this year. The declaration was made by Premier Li Qiang on Tuesday at the start of the annual National People’s Congress (NPC). Mr. Li stated that many of the “difficulties” that have plagued China’s economic performance “yet to be resolved.” It occurs while China tries to revive its once robust economy.
“Risks and potential dangers in real estate, local government debt, and small and medium financial institutions were acute in some areas,” he stated. “Under these circumstances, we faced considerably more dilemmas in making policy decisions and doing our work.” Other steps to address the nation’s sluggish pandemic recovery were also delineated, such as the creation of fresh programs to address issues in the crisis-ridden real estate industry. In addition, Beijing wants to create 12 million new employment in cities. Premier Li announced that increased research will be conducted in the fields of artificial intelligence (AI) and the biological sciences, in addition to increased regulation of the financial industry.
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