China sets GDP growth target at around 6.5pc By

Katrina Barker
March 10, 2018

In recent years, China has built artificial islands in the South China Sea, militarizing them with airstrips, ports, hangars and other military-related infrastructure.

Xinhua said China actually spent $161.87 billion in national defense past year, or about 1.3 percent of its gross domestic product.

China supplements its general budgets with various types of funds, allowing it to hit its budget deficit ratio targets despite differing headline numbers.

"What's alarming is not the non-reporting of largely fictitious defence spending figures so much as the Chinese leadership is shedding even the pretense of being open about its military plans", Jennings said in an email to The Associated Press. "It will likely not be over-militarized".

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At the same time, he pledged tax cuts of 800 billion yuan for companies and individuals and set a 6.5% annual economic growth target - the same as last year's target but slower than the actual performance of 6.9%.

On Saturday, U.S. President Donald Trump said it was "great" that Xi could potentially extend his presidency indefinitely and suggested that "maybe we'll have to give that a shot someday".

He said the published military spending figure doesn't reflect all expenditure on defense, either, because some of the military budget is published under technological development.

"The pace and scale of this build-up is really dramatic", Sam Roggeveen, a Visiting Fellow at the Strategic and Defense Studies Center at Australian National University in Canberra, told the Reuters news agency.

"We don't have to follow other countries' models".

This being the first session of the 13th NPC that was elected between last October and last month, the report spanned the five years of the previous Parliament from 2013.

As expected, the report delivered by Premier Li Keqiang said reining in this risk would be a key policy for the coming year, promising to "see that internal risk controls are tightened in financial institutions" and a "serious crackdown on activities that violate the law like illegal fundraising and financial fraud".

"What China needs to do is to tackle both symptoms and root causes, and take effective measures to defuse potential risks", Li said.

Xi is a member of parliament representing the northern region of Inner Mongolia.

The removal of limits also looks set to apply to the posts of party general secretary and the chairmanship of the Central Military Commission, the crucial trio of powers already held by the most powerful leader in China, Wu said.

At a news conference on Sunday Zhang said "In recent years, China has moderately raised defense investment".

Other reports by AllAboutTopnews

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