China’s National People’s Congress opened today. This is supposed to be the moment where the government reveals big plans for the coming year. But there were no big surprises this year. Officials are targeting a growth rate of 5% again this year, a figure which some economists think is overly optimistic.
Officials signaled that they were not ready for any showstopping moves to revive an economy battered by a property crisis, the loss of consumer confidence and financial pressures of indebted local governments. Despite their reluctance to spend, China’s top leaders said the economy would grow around 5 percent this year.
The growth target and other policies came in a report given to the annual session of the legislature. It was delivered by China’s No. 2 official, Li Qiang, and is the marquee event in a weeklong gathering dominated by officials and party loyalists…
For decades,…
