growth

The National People’s Congress signals firm stance against corruption as China’s 15th five-year plan is approved.

China’s annual legislative meeting is wrapping up after setting the country’s lowest economic growth target in nearly 30 years, excluding during the COVID-19 global pandemic.

Nearly 3,000 delegates participating in the National People’s Congress (NPC) were due on Thursday to formally approve an economic growth target of “4.5 to 5 percent”, as set out in China’s latest five-year plan.

The 15th iteration of the five-year plan, an economic roadmap for 2026 to 2030, also set targets for inflation, the fiscal deficit ratio and urban unemployment.

China has set the longterm goal of becoming a “moderately developed” country by 2035 and raising gross domestic product (GDP) per capita to $20,000. The figure was $13,303 in 2024, according to the World Bank.

Planners in Beijing also continue to grapple with deep economic problems driven by the collapse of the property sector, low consumer confidence and a prolonged period of deflation.

China’s targets for the next five years include industrial self-reliance and increased state support for industries such as AI, aerospace, aviation, biomedicine and integrated circuits, as well as the development of “future energy, quantum technology, embodied artificial intelligence, brain-computer interfaces, and 6G technology”, according to China’s state-run Xinhua news agency.

Beijing also aims to expand the use of the digital yuan, known as the e-CNY, to improve cross-border payments, according to the Reuters news agency. The digital currency is currently under development by the People’s Bank of China, the country’s central bank.

Among the most closely watched elements of the NPC over the past week has been the release of government “work reports” from China’s many government ministries, which give insight into China’s progress in meeting its goals and the direction of its future policy.

The NPC’s Standing Committee released a work report indicating that China will soon pass a law on combatting cross-border corruption, Xinhua said.

The measure is seen as an extension of Chinese President Xi Jinping’s long-running anticorruption drive across the Chinese state, military and private sector.

The campaign appears to be gaining momentum as the Supreme People’s Court, China’s highest court, reported a 22.4 percent increase in corruption cases last year involving 36,000 individuals, according to Xinhua.

The state also recovered 18.14 billion yuan ($2.63bn) as part of its anticorruption crackdown in 2025, Xinhua said.

China’s military also identified combatting corruption as an important target in its annual work report, as well as ensuring political loyalty to Xi and the Chinese Communist Party.

The NPC typically runs for a week, and it is held alongside the Chinese People’s Political Consultative Conference, a political advisory body.

The meetings are known as the “Two Sessions”, and they bring thousands of delegates to Beijing to approve short- and mid-term policy measures.

March 5 (Asia Today) — China has lowered its economic growth target to between 4.5% and 5% for 2026, marking the lowest level in about 35 years as the country grapples with deflation, weak domestic demand and mounting external pressures.

Chinese Premier Li Qiang announced the target Wednesday in a government work report at the opening of the Fourth Session of the 14th National People’s Congress in Beijing.

The new range represents a modest reduction from the government’s previous goal of growth of “around 5%,” which had been maintained for the past three years. The change signals that Chinese leaders acknowledge mounting economic challenges.

One of the biggest concerns is the prolonged downturn in the country’s real estate sector, which analysts estimate accounts for roughly a quarter of China’s gross domestic product. The continued slump has contributed to weakening consumer spending.

Youth unemployment, U.S. tariffs and technology restrictions and broader global uncertainty have also weighed on the outlook, making even the lower end of the target difficult to achieve.

Despite the slowdown, Beijing signaled plans to support the economy through fiscal stimulus. Authorities plan to issue 1.3 trillion yuan in ultra-long-term special government bonds to finance major infrastructure projects and consumption subsidies.

The government also plans to issue an additional 300 billion yuan in special bonds to strengthen the capital base of state-owned commercial banks.

China’s defense budget will rise 7% this year to 1.9096 trillion yuan, slightly lower than the 7.2% increases recorded annually over the past three years.

The continued growth in military spending underscores Beijing’s commitment to modernizing its armed forces ahead of the centennial of the People’s Liberation Army in 2027.

Li also outlined long-term goals tied to the country’s upcoming 15th Five-Year Plan for 2026-2030, saying China aims to maintain steady economic expansion and double per capita GDP by 2035 compared with 2020 levels.

The premier said China will increase research and development spending by more than 7% annually during the plan period.

In foreign policy remarks, Li said China “firmly opposes hegemony and power politics,” a phrase widely interpreted as criticism of the United States.

However, the tone of the criticism was relatively restrained. Observers in Beijing say the cautious language may reflect efforts to ensure a smooth visit later this month by U.S. President Donald Trump for talks with Chinese President Xi Jinping.

— Reported by Asia Today; translated by UPI

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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260305010001413

Paramount Skydance is betting its future on its streaming business, as gains at the media and entertainment company’s Paramount+ platform helped boost earnings for the fiscal fourth quarter of 2025.

On Wednesday, Paramount reported $8.1 billion in revenue for the three-month period that ended Dec. 31, up 2% compared to the previous year’s quarter. That was due to growth in its streaming business, which saw a 10% increase in quarterly revenue to $2.2 billion, as well as gains at Paramount’s filmed entertainment segment, which reported revenue of $1.3 billion,an increase of 16% compared to the previous year.

The company’s TV media business, however, had a tougher quarter.

That segment reported revenue of $4.7 billion, down 5% compared to last year, as traditional broadcast networks continue tolose subscribers. Paramount also cited a 10% decrease in advertising, partially due to a drop in political spending and not having the Big 10 championship as it did in 2024.

Paramount reported an operating loss of $339 million, which included $546 million in restructuring and transaction-related costsattributed to its merger with Skydance last year. Diluted losses per share totaled 52 cents, compared to a loss of 33 cents during the prior year.

Chief Executive David Ellison praised the company’s progress under his tenure, noting that investments in the film studio, original series, UFC and tech upgrades to Paramount+’s streaming platform and advertising would build momentum in the coming years.

“It’s been six months, but we really do feel good about the work the team has done to date,” he said during an earnings call with analysts Wednesday afternoon. “You can expect that to accelerate into the future quickly.”

The company said it expects total revenue of $30 billion for 2026, which would mark a 4% increase compared to 2025. Paramount signaled the primary driver of that growth will be its streaming business, though the company also anticipates a boost from its studio segment.

Company executives declined to answer questions on the call about Paramount’s bid to acquire rival Warner Bros. Discovery.

The only mention of the ongoing fight was in Paramount‘s letter to shareholders, which noted that the company was “confident” in its standalone strategy and growth trajectory, but that adding Warner would be an “accelerant to achieving these goals more quickly” and in a way that would be “economically compelling” for Paramount’s shareholders.

Paramount submitted a higher bid Monday offering $31 a share in cash to Warner Bros. Discovery investors. Previously, the offer was $30 a share.

The company also agreed to pay $7 billion to Warner should the deal fail to clear various regulatory hurdles. That was a $2 billion increase. (The previous commitment was $5 billion.)

Paramount reaffirmed that it would cover the $2.8 billion termination fee that Warner would owe Netflix if Warner abandoned its deal with the streamer.

Paramount also said it would pay a so-called ticking fee sooner. Now, the company said it would pay an additional $0.25 per quarter to shareholders after Sept. 30 until a Paramount-Warner transaction closed. It also agreed to cover Warner’s potential $1.5 billion in financing costs associated with a planned debt exchange offer.

Additionally, Paramountsaid it “agreed to an obligation to contribute additional equity funding to the extent needed to support the solvency certificate required by PSKY’s lending banks.” That provision was offered because Warner board members have expressed concerns that Paramount may not be able to round up sufficient financing to close such a gargantuan deal.

But the company’s earnings — and the declines its facing in its own TV business — raised concerns about the potential Warner acquisition, John Conca, analyst at Third Bridge, wrote in an email.

“It is becoming questionable why leadership is aggressively pursuing [Warner], a deal that would effectively double their exposure to dying linear networks while also creating even more massive integration headaches,” he said.

Feb. 20 (UPI) — The 43-day government shutdown in the fall stymied U.S. gross domestic product growth in the fourth quarter, the Bureau of Economic Analysis reported Friday.

GDP for the fourth quarter of 2025 grew by 1.4% on an annual basis, more than a full point below the Dow Jones estimate of 2.5%. Consumer spending climbed more slowly than expected, while government spending lagged behind greatly.

The slowdown in growth is significant when compared to the 4.4% growth recorded in the third quarter.

While economic growth slowed, inflation continued to apply pressure. The personal consumption expenditures price index, the key measurement of inflation used by the Federal Reserve, increased by 2.9%, well above the Fed’s 2% target.

The price index for GDP purchases rose 3.7%, accelerating from 3.4% in quarter three.

The BEA report says the full effects of the record government shutdown “cannot be quantified” as the data cannot be separated. It still estimated the effects of reduced labor services by government employees.

Hundreds of thousands of government employees were furloughed during the shutdown.

“BEA estimates that this reduction in services provided by the federal government subtracted about 1.0 percentage point from real GDP growth in the fourth quarter,” the report says.

Government spending in defense and nondefense declined, as did spending on exports.

Health care services were a leading source of growth in consumer spending. Decreased spending on goods offset this growth.