China's national legislature starts annual session

China's national legislature starts annual session

China's national legislature starts annual session

The budget increase, a figure that is closely watched around the world for clues to China's strategic intentions, comes as economic growth has picked up, expanded 6.9 percent a year ago, the first acceleration in annual growth since 2010.

The Chinese government on Monday announced an economic growth target of 6.5%.

China is now the world's second largest economy, but a reliance on borrowing has led to pressing political concerns about debt risk.

"We will focus our advice and efforts on the main issues in securing a decisive victory in building a moderately prosperous society in all respects and embarking on a journey to fully build a modern socialist China", Yu said.

The government's target for this year is in line with economists' forecasts.

The gathering of top Chinese leaders this week takes place against a backdrop of rising tensions over global trade.

President Donald Trump said he would impose hefty tariffs on imported steel and aluminum to protect US producers, risking retaliation from major trade partners like China and sparking fears of a global trade war.

In a further display of sophistication, China in early February said it successfully tested a mid-course anti-missile defence system, deploying similar technology to that used to destroy a defunct Chinese satellite in 2007.

China will also cut 800 billion yuan in taxes this year, the report said. No export target was given for the third straight year. Most analysts had expected it to be maintained or trimmed only slightly.

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Beijing has so far given a cautious response to Trump's announcement. In 2016, it grew by 7.6 percent. "It shows the government's determination to control leverage in the economy". The defence budget of the USA which is the highest in the world amounted to $602.8 billion.

The Chinese authorities also intend to unlock gradually the national market of bank cards' clearing as well as securities and funds management.

Li also said he expects reasonable growth in broad M2 money supply and total social financing this year, without stating a target. "That said, its maritime presence is certainly growing".

"If I remember it right, it's the first time that they don't have a specific target in two decades".

The country aims to create at least 11 million jobs in 2018 and keep the urban registered unemployment rate below 4.5 percent, according to the report. Lawmakers are expected to enact sweeping changes that would allow President Xi Jinping to rule indefinitely and possibly approve the biggest regulatory overhaul of the $43 trillion finance-and-insurance sector in 15 years.

Xi also wants China to become a "strong power" on the world stage by 2050.

The increase of China's defence budget to 8.1 per cent this year, is three times higher than India's latest defence budget of about United States dollars 52.5 billion.

"One of the greatest tasks after he took office was to remove all threats to the party and state".

Observers will be watching for hints such as where Wang is seated at the session on Monday, since he is no longer a Politburo Standing Committee member.

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