Saturday, 21 July, 2018

China sets growth target, set to end president term limit

Chinese President Xi Jinping walks with Tonga's King Tupou VI during a welcome ceremony in the Great Hall of the People in Beijing GREG BAKER AFP Getty Images
Stacy Diaz | 08 March, 2018, 06:24

Today, China's material and technological foundations are much stronger; its industrial system is complete, its market is vast, its human resources are abundant, and its entrepreneurs and innovators are dynamic, Li pointed out.

China has slashed over 50 million tonnes of ineffective steel capacity and 250 million tonnes of coal a year ago, both outperforming annual targets.

China has set its GDP growth target at around 6.5 per cent for 2018, unchanged from that for 2017, according to a government work report released Monday.

That was a big miss as China said growth rose 6.9%.

China on Monday announced the largest increase in three years to its defense budget, saying it would spend 8.1 percent more than the previous year as the country continues a push to modernize its military and expand its air and naval capabilities.

USA warship makes historic Vietnam visit in shadow of China The increased spending, announced in a budget report, is seen as a good indication of China's strategic ambitions, as it continues to modernise its army - the world's largest - and develop its infrastructure in contested areas like the South China Sea and its Himalayan border regions.

The growth target set in this year's government work report is attainable through "hard work", He Lifeng, head of Chinas planning body the National Development and Reform Commission (NDRC), said.

Chen Zhilie, chief executive of the Shenzhen-based EVOC Intelligent Technology and a member of Chinese People's Political Consultative Conference, said that China has become a fertile ground for innovation and business venture. US President Donald Trump has proposed the largest military budget since 2011, focused on beefing up the United States' nuclear defences and countering the growing strength of China and Russian Federation.

China has the world's second largest defence budget, but it remains only about a quarter of what the United States spends on its military. U.S. provocations in the South China Sea, tension in the Taiwan Strait and the United States, Japan, Australia and India forming alliances demand a rise in spending, it added. During the military conflict, the Chinese military reportedly employed a tactic known as "the human sea attack" to swamp enemy strongholds with massive amount of soldiers, which led to heavy casualties of Chinese forces. Part of it has been to make up for past investment deficiencies, mostly on renewing equipment and improving material benefits for soldiers.

Historic meeting lauds lifetime power for Xi Thousands of Chinese legislators erupted into enthusiastic applause on Monday (Mar 5) over plans to give President Xi Jinping a lifetime mandate to mould the Asian giant into a global superpower. You shouldn't treat your troops as pawns. China will keep monetary policy neither too loose nor too tight, and will maintain reasonably steady liquidity, he said. that is a repeat of last year's policy statement.

The Australian expert added that land forces could take a lesser role in the Chinese military as China does not face any obvious adversaries over its land borders, despite historical painful experiences of the Japanese invasion.