China Congress

China has set an economic growth target of 4.5% to 5% for this year, a slight decrease in the face of a prolonged property slump and other headwinds and global uncertainty. The target was announced Thursday in an annual report presented by Premier Li Qiang at the opening session of this year’s meeting of the National People’s Congress. A draft budget for this year trimmed the annual increase in defense spending to 7%, down from 7.2% in recent years. The nearly 3,000-member Congress is a largely ceremonial body that endorses policies set by Communist Party leaders. It's due to approve the annual report and budget along with a five-year policy plan.