00:00China has set its slowest growth target since 1991.
00:04Four and a half to five percent, a sign the economic engine that powered the country's rise, is starting to
00:10strain.
00:11This is the first formal downgrade for the world's second largest economy since 2023.
00:19Premier Li Chiang made the announcement at China's annual parliamentary gathering.
00:23The lower target reflects China's slowdown, driven in part by the collapse of its property sector.
00:29The country is also facing deflationary pressures, weak consumer confidence and the aftermath of U.S. tariffs and trade tensions.
00:37Beijing is trying to move from manufacturing and exports to a focus on consumption and high-tech industry.
00:43It is aiming for more self-reliance as tensions with Washington grow.
00:47China also plans to boost defense spending by seven percent, the lowest rate in five years, but still higher than
00:54much of the region.
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