BEIJING, 2 March, 2021 (TON): As strategic rivalry with the United States spurs a shift to reliance on consumption and home-grown technology, China’s annual session of parliament is set to chart a course for economic recovery and disclose a five-year plan to topple stagnation.

Reports state that on Friday, the National People’s Congress (NPC) will open, in which the 2021 work report will be delivered by Premier Li Keqiang.

Also, a 14-year plan, blueprints (2021-2025) are to released the very day.

Sources have said a goal of the plan will be to achieve economic growth averaging around 5%.

The country may also seem to set electoral reforms to enforce Beijing’s ambition to have the Chinese territory and to marginalize pro-democracy candidates in Hong Kong, where Beijing has been tightening its grip since imposing national security legislation last year after months of unrest in 2019.

A Beijing-based consultancy, said in a recent report, “The 14th 5-year plan will give science, technology, and innovation near-absolute priority.”

However, many economists are of the view that China will leapfrog the United States as the world’s biggest economy in 2028, due to the contrasting pandemic recoveries of the two countries.