Li Keqiang, China’s premier, delivered a report on the Chinese economy at the opening of the first session of the National People's Congress. In fact, there were some optimistic signals for the global economy in it.
Thus, Beijing set a 5% GDP growth target for 2023. Meanwhile, the defense budget is seen increasing by an impressive 7.2% this year.
In order to meet the targets, China will have to import more energy and export even more products, which is a positive factor for the global economy.
Energy and food exporters welcomed China’s plans for the current year, especially sanctioned Russia, which boosted the supply of grain, rapeseed, and corn to the country.
China is also believed to invest heavily in foreign infrastructure. However, those countries were not directly mentioned in the report. These days, China is presumably interested in African, Latin American, and Central Asian countries.
In fact, China seeks to create an independent technology system. The country is planning to increase the financing for the main industrial sectors by 50%, up by $2 billion from the previous year. Beijing is going to produce advanced microchips, which will heat up competition with all Western and Taiwanese brands. Thus, there may soon be a worthy alternative to many producers of motherboards, microchips, and so on.
