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Good morning.
Today we’re watching the China’s National People’s Congress, where President Xi Jinping is preparing to further centralise his power. More on the opening day of the Congress below.
Meanwhile, the country’s military budget this year will grow at its fastest pace in four years.
Here’s what I’m keeping tabs on today:
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EU economic data: Figures for January retail sales data will be released today.
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South Korean inflation: February consumer price index (CPI) inflation rate data will come out today.
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Japan’s rocket launch: The Aerospace Exploration Agency is planning to launch its first new medium-lift rocket in three decades today, after postponing the H3 lift-off last month.
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Today’s top news
1. China has set a growth target of “about 5%” for 2023, its lowest target for more than three decades. If achieved, the target would represent a recovery from growth of just 3 per cent in 2022. Read the full story.
2. China’s defence spending will increase by 7.2% in 2023, well ahead of the 5.7 per cent increase in general public expenditure, according to a draft budget presented to the National People’s Congress. The defence budget points to a widening gap between China’s military and economic development.
3. US-listed tech companies are facing a cash crunch after burning through more than $12bn of cash in 2022, with dozens of companies now facing difficult questions over how to raise more funds after their share prices tumbled. More on what’s next for these companies.
4. Iran has agreed to reinstall cameras at its nuclear facilities after months of mounting western concerns about the country’s nuclear programme. The agreement comes after the UN’s atomic watchdog discovered particles of uranium enriched to levels close to weapons grade in January.
5. The ECB must do more to tackle “monster” inflation, said Christine Lagarde, warning that further interest rate rises from the European Central Bank are very likely. Learn more about just how much rates could rise.
The Big Read
Venezuela’s socialist president Nicolás Maduro will approach the tenth anniversary of his accession to the presidency on March 8, and he remains very much in control, using both old-fashioned repression and more modern techniques such as AI-generated media content. The repressive leader has weathered an economic crisis, sanctions and an uprising. What should the US do with him now?
We’re also reading . . .
Chart of the day
International schools are targeting a growing middle-class in Asia, Africa and the Middle East after Covid-19 restrictions and clampdowns on foreign education stalled a boom in expansion in China.
Take a break from the news
Michelle Yeoh sits down with the FT’s Simon Kuper for this week’s Lunch with the FT, where the Miss Malaysia turned action woman turned film star talks about what an Oscar would mean to Asian actors — and why she really, really wants to bring that statue home.
Additional contributions by Tee Zhuo and Gordon Smith
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