China’s annual legislative session will open this week with the traditional stirring music and long speeches but the mood among the thousands of bureaucrats who make up the audience is expected to be unusually gloomy.
A Financial Times review of this year’s work reports — the annual plans drawn up by provincial or regional governments — shows that most of them expect to cut their spending by 5 per cent or more. Nearly all have reduced projections for revenue growth.
The pessimistic outlook comes amid a trade war with the US, a slowing economy and growing anxiety over the political direction of the county.
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