For many people, a major question is what China's response will be to the post-pandemic challenge amid the current geopolitical tensions. The government work report delivered by Premier Li Keqiang this March 5 provided directions.

Within the report, China set its GDP growth at 5.5 percent for 2022, with aims for unemployment to stay within 5.5 percent and for the Consumer Price Index to stay within a 3-percent rise. Policymakers briefed the media about the work report on March 5, saying these economic targets send out China's macro-policy strategy to stabilize economic growth.

Xiang Dong, deputy director of State Council Research Office, admitted that a 5.5-percent GDP growth target this year, compared to the 6-percent GDP target in 2019, which was pre-pandemic, is indeed a slowdown. Xiong explained multiple factors that led to setting this target, which is to stabilize the employment rate, prevent the pandemic from having a heavy impact on the economy, as well as reaching China's long-term economic target. "Our top priority is to stabilize economic growth,”Xiang emphasized.

As the economy faces strong headwinds, China will give further tax support to enterprises to help them overcome these difficulties.

"The tax cuts will give top priority to small- and medium-sized companies. We will give more support to the manufacturing industry, enterprises specializing in environmental protection, and the transportation industry," explained Song Li, a senior official of the State Council Research Office.

To achieve the 5.5 percent economic target, China also vows to boost domestic consumption and expand investment. China also welcomes more foreign investment. The country used $170 billion foreign investment last year.

Liu Rihong, a senior official of the State Council Research Office explained the reason. "China's COVID policy provides a safe haven for foreign capital and investors who realized that China has a complete supply chain as well as hard-working workers."

Liu also said China will pass more supportive policies for foreign enterprises this year, that is to reduce the negative investment list, give tax policy support and expand the free trade zone to certain areas.

The 2022 government work report emphasized that China will continue to reform and open up to the rest of the world, with promises to support domestic enterprises whilst welcoming more foreign investment and cooperation.