China’s leaders announce a push to jumpstart economy, but say it won’t be easy – Gist It

China’s leaders announce a push to jumpstart economy, but say it won’t be easy

China has announced measures to help its slowing economy, though the country’s new premier, Li Qiang, warns there will be fiscal constraints.

Driving the news: China aims to achieve around 5% economic growth this coming year amid increasing youth unemployment and a weakening property and consumer market.
* The country plans to create 12 million new urban jobs and maintain the urban unemployment rate at 5.5%.
* After previously resisting significant financial stimulus, China will issue $139 billion worth of ultra-long-term special treasury bonds to fund shortages and promote national interest projects.

Open for investment: China plans to remove more restrictions on foreign investment and eliminate limits on foreign investment in the manufacturing sector.
* However, details on the eased restrictions were not provided.
* Last year, foreign direct investment in China reached a three-year low.

Economic Pivot: Despite growth slowing, China is not deviating from the reorientation of its economy away from traditional sectors like property development and internet companies towards technology sectors.
* This shift could potentially harm immediate economic growth.

By the numbers: China’s defense budget will increase by 7.2% over the next year, keeping in line with previous years’ trends.
* With the world’s second-largest defense budget, China has been significantly expanding its military funding over the past decade, particularly in digital and drone warfare sectors.
View original article on NPR
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