Hu Yuexiao, the chief economist at Shanghai Securities, said China was in the middle of an economic transition. “The pursuit of speed has given way to the change in the model of growth,” Hu said.

Wang Huiyao, the founder of the Centre for China and Globalisation, said he was confident that China could achieve its growth target, citing its growing electric vehicle, high-speed rail and 5G internet capabilities. “China is the largest experiment battleground for new productive forces,” he said.

In the largely domestic-focused hour-long speech, Li reiterated Beijing’s position on Taiwan and said China would promote the “peaceful development of cross-Strait relations” while pursuing “the glorious cause of national rejuvenation”.

The CCP claims the democratic island as its own despite never having ruled Taiwan, which it threatens with a daily campaign of harassment. On Tuesday, a dozen Chinese warplanes and six navy vessels were detected near Taiwan by the island’s defence ministry.

Li said the government would continue to invest in military development without outlining a specific figure. Li said the Party would implement Xi Jinping’s thinking on strengthening the military and strategy. “We will remain committed to the Party’s absolute leadership over the people’s armed forces,” he said.

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In comments seen as targeted at the United States and its allies, the Premier said China would “remain firm in opposing all hegemonic, high-handed, and bullying acts and upholding international fairness and justice.”

The National People’s Congress speech, which effectively lays out the Chinese government’s annual budget, is one of the few public windows into Beijing’s increasingly opaque decision-making each year. A plenum, where major policy shifts are usually announced, was expected to take place before the congress, but it has not materialised. The congress will now run until Sunday largely behind closed doors.

The restrictions have grown as power has become increasingly concentrated around Xi. On Monday, the congress announced that Li’s annual press conference at the end of the event had been cancelled for the first time in three decades, eliminating one of the few opportunities to ask questions of Chinese leaders each year.