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Photos: China sees ‘tough struggle’, cuts growth target to three decade low

The slowdown and US trade war have become major challenges for Chinese President Xi Jinping, a year after becoming the country's most powerful leader since Mao Zedong with the abolition of term limits and etching of his name into the constitution. China's premier Li Keqiang warned Tuesday that the country faces a "tough struggle" as he unveiled tax cuts to prop up a stuttering economy while increasing military spending to nearly $180 billion at China's annual National People's Congress.

Updated on: Mar 06, 2019 10:07 AM IST

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Updated on Mar 06, 2019 10:07 AM

The two-week gathering of the congress’s 3,000-plus delegates in the cavernous Great Hall of the People is China’s highest-profile event of the year. Premier Li Keqiang told its opening session that the government is targeting growth of 6.0-6.5% this year lowering its range from 2018 and its lowest since 1990. (Thomas Peter / REUTERS)

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Li Keqiang delivers the work reports at the opening session of the China’s National People’s Congress. The premier promised to “promote China-US trade negotiations,” but gave no details of talks aimed at ending the fight with President Donald Trump over Beijing’s technology ambitions and complaints it steals or pressures companies to hand over technology. (Andy Wong / AP)

Updated on Mar 06, 2019 10:07 AM

Li Keqiang delivers the work reports at the opening session of the China’s National People’s Congress. The premier promised to “promote China-US trade negotiations,” but gave no details of talks aimed at ending the fight with President Donald Trump over Beijing’s technology ambitions and complaints it steals or pressures companies to hand over technology. (Andy Wong / AP)

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Military delegates arrive for a meeting on the eve of the opening session. Spending on the Communist Party’s military wing, the People’s Liberation Army, will rise to 1.2 trillion yuan ($178 billion), according to a separate report issued by the finance ministry. “It is more urgent for China to prepare for a trade war with the US, instead of a physical war,” Yue Gang, a military expert and retired army colonel said. (Mark Scheifelbein / AP)

Updated on Mar 06, 2019 10:07 AM

Military delegates arrive for a meeting on the eve of the opening session. Spending on the Communist Party’s military wing, the People’s Liberation Army, will rise to 1.2 trillion yuan ($178 billion), according to a separate report issued by the finance ministry. “It is more urgent for China to prepare for a trade war with the US, instead of a physical war,” Yue Gang, a military expert and retired army colonel said. (Mark Scheifelbein / AP)

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A container ship sails past a port in Qingdao in eastern China’s Shandong province. To support growth, Li said China would closely monitor employment at exporting companies heavily exposed to the US market and cut the value-added tax (VAT) for the manufacturing sector to 13% from 16%. VAT for the transport and construction sectors will be cut to 9% from 10%. (Chinatopix via AP)

Updated on Mar 06, 2019 10:07 AM

A container ship sails past a port in Qingdao in eastern China’s Shandong province. To support growth, Li said China would closely monitor employment at exporting companies heavily exposed to the US market and cut the value-added tax (VAT) for the manufacturing sector to 13% from 16%. VAT for the transport and construction sectors will be cut to 9% from 10%. (Chinatopix via AP)

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Job seekers look at employment postings at a recruitment fair in Qingdao. Over the past year, China’s central bank has cut the reserve requirements for commercial lenders five times to spur loans to small and private companies - vital for growth and jobs. Li said Beijing will step up targeted cuts for smaller and medium-sized banks with an aim to boost lending to small companies by more than 30%. (AFP)

Updated on Mar 06, 2019 10:07 AM

Job seekers look at employment postings at a recruitment fair in Qingdao. Over the past year, China’s central bank has cut the reserve requirements for commercial lenders five times to spur loans to small and private companies - vital for growth and jobs. Li said Beijing will step up targeted cuts for smaller and medium-sized banks with an aim to boost lending to small companies by more than 30%. (AFP)

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A worker polishes an oil pipe at a factory in Qingdao. The tariff fight with Trump over Beijing’s technology ambitions has rattled Chinese consumers and investors who also worry about weakening real estate and auto sales. That is prompting some to put off spending, which could add to downward pressure on economic growth. (AFP)

Updated on Mar 06, 2019 10:07 AM

A worker polishes an oil pipe at a factory in Qingdao. The tariff fight with Trump over Beijing’s technology ambitions has rattled Chinese consumers and investors who also worry about weakening real estate and auto sales. That is prompting some to put off spending, which could add to downward pressure on economic growth. (AFP)

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People walk past vegetables growing in a field as emissions rise from cooling towers at a coal-fired power station in Tongling. Downward pressure on the Chinese economy continues to increase, growth in consumption is slowing and growth in effective investment lacks momentum, Li said, outlining the reasons for China’s downward trend from the heyday of double digit growth in 2010. (Qilai Shen / Bloomberg)

Updated on Mar 06, 2019 10:07 AM

People walk past vegetables growing in a field as emissions rise from cooling towers at a coal-fired power station in Tongling. Downward pressure on the Chinese economy continues to increase, growth in consumption is slowing and growth in effective investment lacks momentum, Li said, outlining the reasons for China’s downward trend from the heyday of double digit growth in 2010. (Qilai Shen / Bloomberg)

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An employee works at a company producing robots in Shenzhen. No agreements have been announced on the core of the dispute: US pressure on Beijing to roll back plans for state-led creation of global competitors in robotics and other technology. Li tried to reassure investors by promising foreign companies will be “treated as equals” with Chinese enterprises in a “fair and impartial market environment.” (AFP)

Updated on Mar 06, 2019 10:07 AM

An employee works at a company producing robots in Shenzhen. No agreements have been announced on the core of the dispute: US pressure on Beijing to roll back plans for state-led creation of global competitors in robotics and other technology. Li tried to reassure investors by promising foreign companies will be “treated as equals” with Chinese enterprises in a “fair and impartial market environment.” (AFP)

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Workers check lightbulbs that will be exported to the US at a factory in Wannian. To combat slowing growth, policymakers have said they will lower taxes, reduce fees and streamline red tape. China will cut company taxes and employer social insurance contributions paid on behalf of workers by nearly 2 trillion yuan ($298 billion), Li said. (AFP)

Updated on Mar 06, 2019 10:07 AM

Workers check lightbulbs that will be exported to the US at a factory in Wannian. To combat slowing growth, policymakers have said they will lower taxes, reduce fees and streamline red tape. China will cut company taxes and employer social insurance contributions paid on behalf of workers by nearly 2 trillion yuan ($298 billion), Li said. (AFP)

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A worker looks at rolls of sheet aluminium at a factory in Huaibei. “They need to strike a balance between boosting economic activity and not restart another debt-fuelled boom,” said Tai Hui of JP Morgan Asset Management. Beijing is determined to achieve above six percent growth for the next two years to “meet its promise” of doubling GDP for the decade ending 2020, said Lu Ting, an analyst at Nomura bank. (AFP)

Updated on Mar 06, 2019 10:07 AM

A worker looks at rolls of sheet aluminium at a factory in Huaibei. “They need to strike a balance between boosting economic activity and not restart another debt-fuelled boom,” said Tai Hui of JP Morgan Asset Management. Beijing is determined to achieve above six percent growth for the next two years to “meet its promise” of doubling GDP for the decade ending 2020, said Lu Ting, an analyst at Nomura bank. (AFP)

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