China’s parliament rolls out economic, political

China’s political elite gathered in Beijing on Thursday as President Xi Jinping unveiled a ​sweeping roadmap for the country’s economic and political future, delivered against a backdrop of sharpening tech competition with Washington and mounting geopolitical ​friction. The National People’s Congress, China’s rubber-stamp legislature, rolled out its Five-Year ​Plan outlining goals for growth, budgets, industrial ⁠policy and defence – signalling Xi’s determination to propel the world’s second-biggest economy toward technological dominance. Here are the ​main highlights from the ‌NPC: GDP, BUDGET PRIORITIES China is looking to grow its economy at a 4.5%-5% pace, a touch below the 5% rate achieved last year, ​opening the door to greater efforts to rebalance the economy. Beijing also plans steady stimulus to rev up an economy stuck in a lower post-pandemic gear, setting a budget deficit ‌of 4.0% of gross ‌domestic product, similar to ​last year. HIGH-TECH
DRIVE AS US RIVALRY SHARPENS Aiming for technological supremacy amid a fierce rivalry with the U.S., Beijing is accelerating efforts to achieve greater tech self-reliance; and as the world’s largest producer of rare earths, plans ​are also afoot to strengthen the competitiveness of these crucial minerals used in products ranging from electric vehicles to aircraft engines and defence technologies. DEFENCE CAPACITY China will improve combat readiness and accelerate the development ​of “advanced combat capabilities”, Premier Li Qiang said, boosting defence spending by 7% in 2026. Military observers are watching closely as Beijing pushes to modernise its forces by 2035 and project military power amid the backdrop of rising regional tensions, including over Taiwan, and global geopolitical strains. FINANCIAL SYSTEM China ‌will inject 300 billion yuan ($43.59 billion) into state-owned banks this year and deepen reforms of state-owned financial enterprises, moving