China focused on jobs as national legislature meets
China is seemingly following the US and other governments in distributing stimulus spending checks to restart its economy, which has been crippled by months of strict lockdown measures. On Friday, companies and the public will meet for the ceremonial national legislature to discuss this option. Although China reopened in March and was one of the first countries to do so, its first moves were focused on reopening factories rather than resuming economic activity through stimulus spending.
However, China now faces an economy in which tens of millions of jobs have been lost, resulting in President Xi Jinping’s promise to push consumer spending, prop up employment, and support the economy. This economic pressure is worsened by the re-escalation of tensions between Washington and Beijing over trade and tariffs. Although a truce was signed in January, President Donald Trump has stated he would consider backing out if China does not meet its end of the deal in terms of buying a surplus of American farm products and other exports despite COVID-19 complications.