China pledges strong growth as President Xi bids to rule indefinitely

China pledges strong growth as President Xi bids to rule indefinitely

China pledges strong growth as President Xi bids to rule indefinitely

On Monday, Premier Li Keqiang told the Chinese parliament's opening session that the 2018 defense budget would rise to 1.11 trillion yuan (US$175 billion), an 8% jump compared to past year.

China has planned to up its military spending by 8.1% in 2018 in an effort to modernize its armed forces. In deepening the reform of national defense and the military, China's national defense budget will focus on optimizing the scale and structure of weapons and equipment and developing new ones. "It will likely not be over-militarized". The most dramatic Chinese military spending surge occurred during the previous decade, when annual increases ran into double digits, albeit with a lower military spending baseline and smaller economy factored into those percentages. North Korea's Air Defenses: Who Wins?

The International Monetary Fund (IMF) raised its forecast for China's GDP growth from 6.5 percent to 6.6 percent in January, amid a positive outlook for the recovery of the world economy, which had seen a meltdown in the last few years. Any implications of a president for life or emperor-like status are taboo in the Chinese media in order to prevent any resistance to the move from growing.

China has always upheld the path of peaceful development and practices a defensive defense policy.

Xi's ambitious "Belt and Road" initiative to link up Asia and Europe by building roads, ports and other infrastructure has raised concerns about Beijing's strategic ambitions and debt burdens for host countries.

Swift also called on China to clarify its intentions in the South China Sea. The United States and the European Union complain that surplus of Chinese steel and aluminum flooding into global markets depresses prices and threatens jobs.

The People's Liberation Army is going through an extensive modernization program with analysts and diplomats pointing out the real rise in spending could be significantly more than $175 billion budget.

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To encourage imports, China will host the first China International Import Expo this year and lower import tariffs on products including automobiles and some everyday consumer goods, said Li.

And Chinese Premier Li Keqiang reiterated a longstanding warning to Taiwanese nationalists that any formal declaration of independence would not be tolerated. As expected, Mr Li's 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 fundraising and financial fraud".

Seoul must thoroughly study and prepare for the repercussions of a stronger China under an ever-stronger Xi.

Last year's growth target was "6.5 percent or higher".

"The main task (of deleveraging) is to bring down the corporate debt ratio", he said, while adding that China's rapidly-rising household debt, largely due to a surge in mortgages, should "stop increasing".

China has the world's largest military by number of personnel, but Li said the country had "basically completed" the target of reducing the size of the armed forces by 300,000 troops.

"It is in line with expectations and objectively can be realized through hard work", He said at the news conference, held during the meeting of China's ceremonial legislature.

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