China parliament to unveil five-year economic plan to support economic recovery from pandemic

As strategic competition with the United States spurs a move to dependence on consumption and home-grown technology, China’s annual session of parliament will chart a path for economic recovery and unveil a five-year plan to avoid stagnation.

On Friday, the National People’s Congress is set to open where Premier Li Keqiang is expected to deliver the 2021 work report. This year’s report, much like last year’s is not expected to include a definite economic growth target, according to some sources, as the coronavirus drag continues to impact the world’s second-largest economy.

Moreover, the NPC opening will also be the venue to unveil its 14th five-year plan, a blueprint for 2021-2025 that underscores quickening programs to uncork fresh growth drivers and make the economy more innovative. According to sources, a 5% average of economic growth is the goal of this five-year plan.

In addition, China may also set electoral reforms in Hong Kong, where Beijing has been tightening its grip since imposing national security legislation last year after months of unrest in 2019.