No big surprises in the NPC work report; Xi talks new productive forces with Jiangsu delegation; Second Thomas Shoal; TikTok
Summary of today’s Essential Eight:
Li Qiang delivers his first government work report - Li delivered his first work report as Premier. I highlight some of the key targets and tasks and include links to the full reports. There were no big surprises, it tracked well with the outcomes of the December Central Economic Work Conference and other meetings and propaganda since. The GDP growth target was ambitiously set to “around 5% 5%左右”, but the proposed fiscal support and deficit were not enough to get markets excited. Hong Kong stocks dropped, as did onshore ones, until the state apparently started buying again. Premier Li Qiang said in his report that “We owe our achievements in 2023 to General Secretary Xi Jinping, who is at the helm charting the course”. In his final work report last year the Premier Li Keqiang said in his report “We owe our achievements in these five years to the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core”.