A Tale Of Two Speeches: China's Assertion To Global Leadership
A live recap to one of two important political events happening on Tuesday/Wednesday, starting with the Chinese Premier's government work report
Writer’s Note: This is a special event, because for the first time, I will be writing and posting two live political events to the newsletter feed. Kickstarting with China’s Two Sessions, this article will focus on Chinese Premier Li Qiang’s annual “work report” on how the government is doing. The article on Trump’s technically not a State of the Union address to Congress is released, check it out below.
A Tale Of Two Speeches: Trump's Chaotic Speech Of Madness And Confrontation
On Tuesday night, Donald Trump delivered his first address to a joint session of Congress in his second term, outlining the administration’s priorities and vision for the future. Addressing a mostly subservient Congress, Trump’s speech is watched by many who want to know the priorities of th…
Starting on Tuesday, China’s National People's Congress (NPC, the country’s “rubber-stamp” parliament) and the National Committee of the Chinese People's Political Consultative Conference (CPPCC, an advisory body) held its annual Two Sessions (Or lianghui) meetings. Throughout the week, China’s top political figures get together while the government reveals its annual plans for the economy, military, trade, diplomacy, the environment and other areas that need approval. Many are paying close attention to Chinese President Xi Jinping’s speeches, which are usually regarded as important signs of China’s priorities and direction. Other important events include China’s number 2 official Li Qiang’s maiden government work report (Alongside a separate budget report from the Finance Ministry) that includes important economic figures like the official economic growth target for 2025, and Foreign Minister Wang Yi’s annual press conference which gives hints to China’s foreign policy strategy.
It comes as China needs to boost its consumer sentiment amid Trump’s tariff threats, and the country’s economy is battling a prolonged property slump and deflation. Lurking in the background is Beijing’s ambitious “Made In China 2025” plan, which was so successful in boosting China’s technological and innovation capabilities, The Economist dubbed it as the “Voldemort of economic plans.” Investors are looking out for any new stimulus and broader policy signals fueled by the recent excitement over DeepSeek, while foreign policy watchers are looking out for how China will handle a multipolar world and the United States’ weakening position in the world.
Before the meetings, Xi told officials to stay calm in the face of domestic and global challenges, telling party members from the Politburo (The highest political organ of the central committee in China) and the State Council (The chief administrative authority and the national cabinet of China) that China “must enhance its political capabilities and calmly respond to challenges brought about by changes in the domestic and international situation.”
On the day that the CPPCC held its session, Trump’s 20% tariffs on China took effect. In response, China said it will impose additional tariffs of up to 15% on some US goods on March 10, including chicken, wheat, corn and cotton. Another 10% tariff will go to sorghum, soybeans, pork, beef, fruits, vegetables, and dairy and aquatic products. In addition, China's Ministry of Commerce said it has added 15 American companies to an export control list, including biotech company Illumina. China’s Foreign Ministry spokesperson Lin Jian said the country will “fight to the end” on tariffs, adding the Chinese people will never bow to “hegemony or bullying.”
Before Premier Li Qiang got to deliver the party’s annual “work report” on Wednesday, the report was obtained by the Financial Times and Bloomberg that China has set its annual economic growth target at 5% for the third consecutive year, amid a slowdown in the domestic economy and challenges by Trump on foreign trade. In addition, there would be a planned 7.2% rise in defense spending, and the general budget deficit was raised to the highest level in more than three decades. SCMP also added China’s public security will rise by 7.2%, as China experienced several fatal “lone wolf” attacks.
During Li’s address, he first described 2024 as a “remarkable year” with achievements such as the 75th anniversary of the founding of the People’s Republic of China, but also acknowledged the country’s weaknesses such as low domestic spending. Li said: “The adverse impact of changes in the international environment increased, and some deep-seated structural problems that had been building up in the country for years came to a head. Sluggish domestic demand was compounded by weak public expectations along with other issues.”
The Premier then touted Xi’s leadership and “there is no difficulty that China cannot overcome,” which was received with a round of applause. Citing domestic demand as the country’s top economic priority, Li declared “The giant ship of China’s economy will continue to cleave the waves and sail steadily toward the future.”
On diplomacy, Li touted China’s diplomatic wins from hosting international summits to expanding its list of visa-free nations. Without naming the US, acknowledges rising global challenges from protectionism to unilateralism, which is experienced through trade and tech pressures.
Li said China will implement a moderately loose monetary policy, which includes a 4 per cent deficit target for 2025, with a total deficit of 5.66 trillion yuan. In addition, the Chinese government will spend 735 billion yuan for investment, mainly focusing on key infrastructure projects.
On tech independence, Li said China must accelerate implementation of and forward-looking planning for major science and technology projects, later adding numerous goals to boost China’s innovation environment. There will be more consumption potential in cultural sectors, which includes letting foreign artists perform in China and more foreign films to be aired in cinemas, and Li delivered an applause line on food security as he said all areas “must have a firmer grip on the rice bowl.”
On corporations, Li delivered a skew of promises that includes establishing a mechanism for “future industries” to support hi-tech fields, strengthening legal protections and policy support for private enterprises, and most importantly, expanding “high-level opening-up” and stabilizing foreign trade and investment.
Li touted the role of the Greater Bay Area as part of China’s regional development strategies, noting they could be leveraged to foster the drivers of new growth.
China is assuming the leading role on climate leadership, as Li said the country will carry out a series of “major projects” to combat climate change, and “actively participate in and lead global governance” on this issue.
On the subject of unemployment and job opportunities, Li said China will continue to create new jobs to stabilize employment, as well as providing targeted support for key industries and groups such as young graduates.
Before Li ended his speech, he said the government will continue to combat corruption and implement the party’s orders “to the letter,” vowed China will persist with the “one country, two systems” model to Hong Kong and Macau, noted Beijing will “resolutely oppose” Taiwan independence and interference by “external forces” in the island’s affairs, as well as reaffirming the CCP’s leadership and military strategy over the Chinese army. In the end, Li wrapped up his speech by rallying the country to strive for national rejuvenation.
Outside of Li’s speech, the Ministry of Finance forecast a 9% increase in government spending this year, while the Hang Seng Tech Index soared during the announcement amid a bullish mood in Hong Kong.