The ascension of Xi Jinping and Li Keqiang as China’s president and premier, respectively, will likely lead to continuation of the economic policies of their predecessors. These policies focus on reducing income gaps, promoting rural development, economic reform, and attempts to draw foreigners to invest in China’s high-tech industry and to encourage Chinese businesses to invest overseas.
The National People’s Congress (NPC) session that started on March 5 was a key political, economic and social event at which Xi and Li were confirmed in their new roles, which they are likely to hold for two terms, or 10 years.
It also featured the announcement of the country’s economic direction and targets for both the short and long terms, which will have implications on the global level due to the increasingly influential role of the Chinese economy in the world.
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