Major police march in Tiananmen Square outside the People's Hall of Fame before the closing ceremony of the Closing Ceremony of the People's Political Council (CPPCC) held in Beijing on March 12, 2009. China's annual parliamentary session, National National Assembly (NPC) and its advisory assistance, CPPCC, will come to the closure of the economy and non-employment of the Argenda.
Peter Parks | AFP | Getty Images
Chinese leaders launched their annual parliamentary gathering on Tuesday, with Beijing poised to outline economic measures designed to achieve its expected growth target of 5%.
Thousands of delegates gathered in the capital this week for the nation's largest political event known as “Two Sessions.”
The highly anticipated event is a major threat to tariffs from US President Donald Trump's administration.
The “two session” event, consisting of two parallel conferences, begins at the Beijing conference (2am) local time at the conference in Beijing, with an opening meeting at Top Advisory Body, a political consultation meeting for the Chinese.
Throughout the opening, CPPCC members, consisting of party representatives and representatives from the arts, business and legal departments, will review and approve the agenda for the upcoming meeting and hear a work report from Chairman Wang Huning, the committee's top advisor to President Xi Jinping.
The meeting of the top parliament of the National People's Assembly is scheduled to open on Wednesday.
As part of the NPC meeting, investors will closely monitor the government's work report provided by Chinese Prime Minister Li Qiang on Wednesday. There, policymakers are expected to raise their fiscal budget targets to 4% of gross domestic product from 3% last year, while setting the country's economic growth target at “approximately 5%.”
Leaders are also expected to revise their annual consumer price inflation target to around 2%, the lowest level in over 20 years.
The weekly event, scheduled to end on March 11, will be followed by a press conference with Foreign Minister Wang Yi and the head of the economy. The Foreign Minister's briefing reveals clues as to how Beijing will deal with the new US administration.
The White House has imposed an additional 10% tariff on Chinese products starting Tuesday, bringing the total new tariffs to just one month or 20%.
China's Treasury Ministry said Tuesday it would charge up to 15% extra charges on some U.S. goods starting March 10th, limiting exports to 15 U.S. companies.
The Commerce Department vowed to take measures the day after Beijing repeatedly “rejects” special tariffs, and reported that the Chinese state-backed Global Times was considering reporting tariffs on US agriculture and food.
