Chinese premier Li Keqiang spoke after China's annual parliamentary meeting and claimed that China has long rejected the 'cold war' mentality. He also added that the tensions between the country and the United States would not do any good, and would adversely affect the global economy if left unresolved soon.
Last Thursday, Li highlighted the strategies that China offers foreign businesses during the pandemic. He claimed that the trade tensions between China and the US continue to escalate, and that left unresolved would adversely affect the global economy.
The Chinese Premier said that all of the members of the global community must establish a sense of partnership to defeat the adverse effects of the pandemic to the economy. He highlighted that China would open its market to foreign businesses as well. He then suggested that Washington and Beijing must continue to find ways to work together and set aside their differences for the time being.
During his speech after the conclusion of matters, Li claimed that China has long rejected the 'cold war' mentality and that the tensions between the country and the US are bad for the global economy. He noted that economic cooperation is crucial at this time and that efforts should be made to prevent trade disruptions.
Hence, Li announced that China would continue following its business rules and hopes that the US would do the same. He also noted that the success of business efforts rely heavily on the market and business leaders dealing with China.
One of the major announcements at the National People's Congress was the release of China's annual GDP growth target. For the first time in decades, exact values were not released. Chinese President Xi Jinping said that the uncertainties caused by the pandemic made it challenging to provide an estimate.
Instead of providing a target, China emphasized that solving the rise of the unemployment rate is the top priority this year. Chinese officials gave an estimate of six percent for urban areas. They ensured the Chinese community that hundreds of millions of people would be offered jobs for the year. Furthermore, it was emphasized that social stability relies heavily on domestic consumption and economic growth. Hence, the former was deemed as the priority.
On the other hand, the central Chinese government also strengthened its control over Hong Kong with the National Security Law. Last Wednesday, US Secretary of State Mike Pompeo told the US legislature that Hong Kong was no longer independent from the central Chinese government. He also suggested that Washington must halt its special treatment for Hong Kong regarding business.
