FCMB SME race to China

As the National People's Congress opened this year's session, China set an economic target of "around 5%" — one of the lowest in decades — and announced a 7.2% increase in its defense budget.

In his first press conference as China's top diplomat, Qin Gang said US policies risk "conflict and confrontation" with Beijing. From the "spy balloon" spat to Russia's war in Ukraine, Qin outlined where China stands.

UN Human Rights Council head Volker Turk has highlighted the scale of Russia's war in Ukraine and Moscow's crackdown on internal dissent. He also warned about the rights of minorities in China — and some Western nations.

The iPhone maker's top supplier Foxconn plans to boost production in India, with a new facility in Bengaluru. But the move westward could be beset by red tape and quality control issues.

A number of countries, from Japan and South Korea to the Philippines, have been increasingly wary of Beijing's growing assertiveness and influence in the region.

In a letter to the Dutch parliament, the country's trade minister has said exporters of chip technology will have to ask for licences to do business abroad, citing concerns over international security. The Netherlands is home to one of the leaders in chipmaking equipment, ASML.

Taipei has agreed to resume flights to multiple cities across China, saying it hoped this might help improve ties. Reintroducing the flights will make the situation more comparable with the pre-coronavirus norm.

Xi Jinping, China's most powerful leader since Mao Zedong, could be on track to remain in power for life.

US President Joe Biden unveils a $6.8 trillion budget proposal with key provisions aimed at boosting American competitiveness against China, while Beijing rails against economic containment and suppression. Plus, a sell-off in US bank shares sparked by a run on a small California lender spreads to Asia and Europe as markets tumble.

At the annual parliamentary meet, Chinese President Xi Jinping announced he would focus on developing security. He also announced an economic growth target of 5%, the lowest in decades.

Some of the largest ministries will see their current heads stay on, signaling a cautionary stance in the face of economic and political headwinds.

It marks the latest step in China reopening its borders for foreigners after three years of COVID restrictions. Visa-free entry will be resumed for foreigners from Hong Kong and Macao, and ASEAN nations.