With the formal opening of the National People’s Congress session and the Chinese People’s Political Consultative Conference today, all eyes are on the Chinese leaders, particularly Premier Li Keqiang, who are expected to announce the direction of the country for the new fiscal year.
In an explicit recognition of China’s downward growth trajectory, Li announced a growth target of 7 percent for 2015, with an inflation target of around 3 percent. The Chinese economy is cooling down, with the threat of deflation hanging over the horizon.
Around 200 leading Chinese businessmen are participating in the event, reflecting the growing influence and integration of a vibrant entrepreneurial class into the upper echelons of the Chinese Communist Party. Among them are 36 billionaires, including Li Hejun, Zong Qinghou, Pony Ma and Lei Jun, an illustrious confab of business tycoons who are ranked first, third, fifth and tenth on the list of richest Chinese men, respectively.
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