Meeting of China's ceremonial legislature opens

Likewise, China on Saturday cut its annual economic growth target to its lowest level in decades as Beijing struggles to reverse a slump at a time when Russia's war on Ukraine is pushing up oil prices and roiling the global economy.

The ruling Communist Party will aim for “around 5.5%” growth this year, down from last year's 8.1% expansion, the country’s No. 2 leader, Premier Li Keqiang, said in a report to an annual meeting of its ceremonial legislature.

During a 55-minute speech at the opening of the National People's Congress, Li warned that "arduous efforts" were required to achieve economic targets.

The report noted commodity prices are surging and this year's economic growth forecasts by the International Monetary Fund and private sector analysts are as low as 4.3%.