China sets GDP target at about 6.5%, omitting aim to go higher
A budget document made available to the media before the opening of China's 13th National People's Congress (NPC) in Beijing on Monday, reveals China will spend the equivalent of US$175 billion across all branches of the People's Liberation Army.
China will increase its military spending by about 8.1 percent to 1.11tn yuan (US$175bn) this year, according to a report released before the National People's Congress, China's top legislature, convenes on Monday.
Various global investment banks such as J.P. Morgan, UBS and Nomura have also revised the communist country's GDP growth to as high as 6.7 percent.
Mr Li set the growth target - the amount by which the economy is expected to continue expanding - at 6.5%, slightly lower than the 6.9% growth achieved in 2017.
Speaking to CNN, professor Yoram Evron, an expert on China's military at Haifa University in Israel, said, "China's military buildup is meant to "create the image of a great power". Recent rising trade friction with the United States is widely considered to be a major roadblock checking the country's external demand, but its impact might be overestimated.
China past year increased the defence budget to $150.5 billion. No export target was given for the third straight year.
The record high spending by travelers and movie-goers during the week-long Chinese New Year holiday heralds a thriving year for consumption as increasingly affluent Chinese are more willing to pay for higher-quality products and unique experiences.
China will raise its defence budget by 8.1 per cent in 2018, according to a budget report to be submitted to the national legislature today, which is up from last year's seven per cent. "We will expand industrial capacity cooperation with other countries, and with this enable Chinese manufacturing and Chinese services to go global", read the report presented by Premier Li.
The report 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 fund raising and financial fraud".
US President Donald Trump has proposed a military budget that is the largest since 2011 and focused on beefing up the country's nuclear defences and countering the growing strength of China and Russian Federation.
A more sensible approach towards GDP targets is also being taken by local governments. Analysts have questioned whether Beijing can hit this year's target without stimulus from bank lending and government spending, which would set back reforms aimed at nurturing self-sustaining growth and curbing debt.
Defence spending has, according to a government official, been increased to make up for past shortcomings.
China has also opened its first overseas military base in the Horn of Africa country of Djibouti.
While growth handily surpassed 2017's target with a 6.9% expansion that was the first acceleration since 2010, economists forecast a moderation to 6.5% this year amid the ongoing deleveraging drive and trade tensions with the Trump administration.
"This is an issue that still affects innumerable households, and is a practical measure of how successful we are in ensuring that everyone shares the fruits of China's reforms", said Ms Feng Fan, a delegate from the south-eastern Jiangxi province.
New video and voice calling features could be added to Instagram
Facebook-owned Instagram has been continually pushing improvements and features to take on its rival Snapchat. Its new owner, Facebook, obviously has a firm grip on the importance of chat functions native to its own app.
Cleveland Browns should trade up for No. 2 pick
Cleveland is reportedly considering taking the best player in the draft at No. 1. "He's clean off the field". Earl Campbell was a Hall of Famer, but Carter, not so much. "I thought Josh Allen put on a show".
Uber's Facing A New Lawsuit, This Time For A 2016 Data Breach
Uber violated consumer protection laws when it delayed notification about a data breach, Pennsylvania's attorney general says. The company is now facing a lawsuit from the state of Pennsylvania for failing to immediately disclose the data breach.
Recommended News
-
China to increase military spending by 8.1% in 2018
The Chinese Navy also expanded its global reach with its warships sailing through the far-off oceans to expand Chinas influence. China increased its military spending 7.6 percent in 2016, 10.1 percent in 2015, 12.2 percent in 2014 and 10.7 percent in 2013.
06 March 2018Oscars: Adam West, Glen Campbell Left Out of In Memoriam Tribute
Pearl Jam frontman Eddie Vedder performed Tom Petty's " Room at the Top ", a tribute to the late singer, who died last October. Introduced by Jennifer Garner, Sunday night's segment showcased 51 stars, including Jerry Lewis, George A.
06 March 2018Kansas student arrested with gun at school
Seeds of Peace brings youth from different countries together to foster understanding and help resolve worldwide conflicts. Other school districts are various of stages of planning student participation next week. -
06 March 2018Here's Why Some Stars Will Wear Orange Pins to the Oscars
The most recent notables are Julianne Moore and Emma Stone after the tragic Las Vegas shooting in October that killed 58 people . The pins have been sent to The Wall Group, a key agency, and will be distributed prior to the red carpet.
06 March 2018NY regulator asks Deutsche, other banks about Kushner loans
Many suspected that the notoriously clannish president would intervene on behalf of his son-in-law. Jared Kushner's list of troubles is longer than an inventory of his family's real estate holdings.
06 March 2018Bail relief to Misa & husband, court raps ED
The agency had opposed the bail plea, arguing the case was a "very serious" economic offence. Bharti, an RJD MP, and her husband appeared before the court after they were asked to do so. -
Worth Watching Stocks: Express Scripts Holding Company (ESRX), Dominion Resources, Inc. (D)
Perhaps, that suggests something about why 0.59% of the outstanding share supply is held by institutional investors. The Indiana-based Indiana And Invest Mgmt Co has invested 0.81% in Express Scripts Holding Company (NASDAQ: ESRX ).For Honor Gets Dedicated Servers on PS4 and Xbox One Tomorrow
Starting tomorrow, March 6, console players will be able to finally play For Honor with a decent connection. According to Ubisoft, this will bring several improvements to For Honor's online experience on consoles.
06 March 2018Panamian hotelier wins battle to have Trump name removed
Within two hours, a man using a hammer and a crowbar began stripping Trump signage from a stone plaque in front of the building. This time, he played what he said was a traditional Greek song, "Accordeon", an anti-fascist anthem, and he sang along in Greek. -
06 March 2018China abolishes 10-year presidential term limit
The report made no specific mention of the United States and the recent import tariffs announced by the Trump administration. An amendment to the US Constitution approved in 1951 limits presidents to two terms in office.
06 March 2018Dwayne Johnson "Humbly & Graciously" Accepts His Razzie Award
The Emoji Movie , featuring Sir Patrick Stewart and James Corden, has cleaned up at this year's Razzie Awards. Even Dwayne "The Rock" Johnson can acknowledge the fact that the Baywatch movie sucked.As Facebook INC (FB) Stock Price Rose, Wellcome Trust LTD Upped Stake
Schroepfer Michael Todd sold 38,058 shares worth $6.53M. (NASDAQ:FB) has "Buy" rating given on Thursday, February 1 by Jefferies. Facebook makes up 2.5% of Clal Insurance Enterprises Holdings Ltd's portfolio, making the stock its 10th largest holding.
