China's biggest political event of the year has kicked off. Delegates from across the country are gathering in Beijing for the National People's Congress.

At the congress, Chinese premier Li Qiang made an announcement outlining this year's target for economic growth. The target is around five percent, the same as last year.

Li said, "Achieving this year's target will not be easy, so we need to maintain policy focus, work harder, and mobilize the concerted efforts of all concerned."

China's Gross Domestic Product grew 5.2 percent last year, meeting the government's target of around 5 percent.

Despite hitting the target, China still faces several challenges to its economy. Recovery has generally been lackluster, largely due to the effects of the zero-COVID policy.

The IMF predicts that China's economic growth will slow to 4.6 percent this year. Observers say that by setting a target higher than that, the Chinese government may be aiming to emphasize its policy of propping up the economy.

In order to achieve its goal, China will likely focus on ways to deal with the sluggish real estate market and worsening local government finances.

The government also released a report stating its annual defense spending budget will be increased by 7.2 percent from last year. The total budget is about 230 billion dollars.

China has been stepping up its maritime activities in the East and South China Seas. It is believed to have vessels that outnumber those of the US Navy.

A report compiled last year by the US Defense Department estimates that China has more than 500 operational nuclear warheads and notes the country is building up its nuclear capabilities at a faster pace than expected.