kazanherald.com January 22, 2018

Chinese Government cuts growth target amid push for debt reduction, more jobs

05 March 2017, 01:18 | Jacqueline Bates

The language describing the number will be important since "around" will send a signal to many analysts that Beijing is willing to see growth slow below 6.5 percent as opposed to the target range of 6.5 percent to 7 percent in 2016.

China has been modernising its armed forces recently as its economy expands.

China's defense budget is the second largest in the world, but trails far behind the US.

Gross domestic product grew 6.7 percent in 2016, the slowest in 26 years.

A lending binge and increased government spending have fuelled worries among China's top leaders about elevated debt levels and an overheating housing market.

"China has never caused harm to anyone, to any country", she said.

Fu said the nation's defense plans supported "dialogue for peaceful resolutions, while at the same time, we need to possess the ability to defend our sovereignty and interests".

The government has no plans to implement a nationwide property tax this year, Ms Fu Ying, spokeswoman for China's parliament, said on Saturday.

Chinese Premier Li Keqiang delivers a government work report during the opening meeting of the fifth session of China's 12th National People's Congress (NPC) in Beijing, capital of China, March 5, 2017.

The announcement closely follows U.S. President Donald Trump's recent request for a 10% increase in defense expenditures.

They also hope to hear more about developments that could have a bearing on worldwide companies in China.

Noting that China must be ready to face more complicated and graver situations including sluggish world economic growth and growing trend of protectionism, Li expressed his confidence that difficulties will be overcome as the country has a solid material foundation, abundant human resources, a huge market, and a complete system of industries. Maritime security in the South China Sea will probably get a special mention.

Some military sources said the increase was too small.

It will continue to implement a city-based policy to reduce real estate inventories, mainly in the third and fourth-tier cities, Li said.

China is also facing increasing challenges in its neighbouring regions, including the South China Sea, Taiwan and the Korean peninsula, many of which are related to China's rivalry with the US.

"China's forex reserves are more than sufficient, either by internationally accepted traditional standards or the lastest standards worked out by scholars", said Pan.

A spokesperson for China's Ministry of Foreign Affairs this week downplayed Trump's vow to give the US military a $54 billion boost, saying only that China hoped USA plans would benefit stability. China experienced a margin-driven A-share market bubble in 2015; the revised law would seek to enhance investor protections among various amendments, Fu said.

Still, the growth in spending is faster than the overall economy, reflecting Mr. Xi's determination to continue the military modernization program, according to experts.

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