BEIJING: China announced one of its lowest economic growth targets in years on Sunday (Mar 5), as the National People's Congress (NPC) kicked off its annual parl
In an opening report, the Chinese government said it would aim for economic growth of"around 5 per cent" for the coming year -China posted just 3 per cent growth last year, missing its stated target of around 5.5 per cent by a wide margin as the economy strained under the impact ofThis year's target around 5 per cent was at the low end of expectations, as policy sources had recently told Reuters a range as high as 6 per cent could be set.
China also announced that its defence spending will rise by 7.2 per cent this year, marginally up from the 7.1 per cent budgeted increase for 2022. "Our armed forces, with a focus on the goals for the centenary of the People's Liberation Army in 2027, should work to carry out military operations, boost combat preparedness, and enhance military capabilities."
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