What does China’s key report mean for the competition between the world’s two superpowers?

China’s annual policy report released on Tuesday suggested that the country

may have to come to terms with the United States this year to deal with economic headwinds,

although Beijing’s ambitions to increase investment in

technology and military spending suggest that tensions have eased. It will not disappear.

The key goals Beijing outlined on Tuesday ranged from countering

Washington’s efforts to limit China’s technological advances to increasing defense spending,

reflecting the continued rivalry between the world’s two largest economies, according to Bloomberg.

However,

there was also a need for cooperation,

with Premier Li Qiang stressing that authorities would ensure foreign trade and investment would be “generally stable”.

As China looks for new growth drivers to offset losses in its ailing real estate sector, its leaders are pouring money into manufacturing.