China outlines economic goals for 2025, including boost in public spending

At the opening of the National People’s Congress in Beijing, Chinese Prime Minister Li Qiang presented the country’s parliament with his government’s work report for 2025. He stressed the importance of revitalizing domestic consumption as an engine of economic growth, in particular in a context of increased global trade tensions. For the first time in decades, deficit expenditure will reach 4% of GDP. Also in this edition: Europeans plan to use Russian frozen assets to finance an increase in defense expenses.