China meets the National Assembly in the middle of trade tensions with the US

Thousands of Chinese delegates were present in Beijing today to attend the most important political event of the year, including the Chinese People’s Politburo Conference (Chinh Hiep) and the National People’s Congress (Nhan Dai). These two parallel events are also known as “Mesopotamia”.

In this Mesopotama session, Beijing plans to publish economic measures to achieve the growth target of about 5% this year. This is also an opportunity for Chinese leaders to summarize the 14th 5 -year economic plan and launch the 15th 5 -year plan.

The main opening ceremony, the leading political advisory agency of China, will take place at 15:00 today at the people’s ceremony. Delegates will approve the agenda and listen to the work report from Mr. Vuong Support Ninh, one of the leading advisors of Chinese President Xi Jinping.

The meeting, also known as the Chinese National Assembly, will open on the morning of March 5, starting with the Government’s work report over the past year, presented by Prime Minister Ly Cuong.

Investors are closely monitoring the Chinese government’s work report in the past year, which is expected to determine the GDP growth target at about 5% and raise the budget deficit to 4% of GDP compared to 3% last year.

The Chinese government can also adjust the inflation target to about 2%, the lowest level in more than two decades.

Mesopotamia will last a week, expected to end on March 10, then Secretary of State Vuong Nghi and leaders of Chinese key economic management agencies will hold a press conference.

The session took place in the context of the US starting to add 10% tax on all Chinese goods from March 4, bringing the total additional tax to 20%. Analysts said that this meeting will reveal the direction of Beijing to react to tough trade policies from President Donald Trump’s administration.

China declared “resolutely protesting” and pledged to take measures to respond to Trump’s tax order. The Ministry of Finance said it would impose additional import taxes 10-15% to some US goods, from March 10.

Soy, high salary, beef, pork, seafood, fruit, vegetables and dairy products will be subject to 10%tax. The tax rate for chicken, wheat, corn and cotton is 15%. The Chinese Ministry of Commerce also added 15 US businesses on the list of export restrictions.