World News | China sets GDP target at 5 percent, defense budget increases by 7.2 percent

Beijing [China]March 6 (ANI): China has set an annual GDP growth target of around 5% for 2023, the Global Times reported. China has reportedly set the lowest growth target in several years. China announced the draft budget for 2023, and the annual defense budget increased to 1,553.7 billion yuan, an increase of 7.2%.

The GDP growth target and China’s other development goals have been released in the government work report. Chinese Premier Li Keqiang delivered a government work report at the first session of the 14th National People’s Congress on Sunday, the Global Times reported.

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Li Keqiang pointed out in the government work report that we must persist in seeking progress while maintaining stability. Notably, according to news reports, China’s 2022 GDP growth rate is 3%.

“This year, the economy must strive for progress while maintaining stability. Policies must be consistent, targeted, and more coordinated to form a joint force for high-quality development.” Premier Li Keqiang said. stated in the government work report.

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Li Keqiang emphasized in the government work report that China should give top priority to restoring and expanding consumption. The government work report puts forward that preventing and defusing major economic and financial risks is one of the priorities of this year’s work. It also emphasized that the transition to green development should continue, according to news reports.

The report set higher economic indicators than last year. It is estimated that China’s deficit will account for 3% of GDP in 2023, an increase of 0.2 percentage points from 2022. The Chinese government has put forward a higher employment target, striving to create 12 million new urban jobs by 2023.

China announced its draft budget for 2023 on Sunday, which included a 7.2 percent increase in the defense budget, the Global Times reported. According to the 2023 draft budget, China’s annual defense budget will increase to 1,553.7 billion yuan ($224.79 billion).

The proposed defense budget increase was announced in a draft budget report released Sunday at the opening of the annual session of the National People’s Congress, according to news reports.

The Chinese government’s decision marks the eighth consecutive year of increasing the defense budget since 2016. The growth rate is 6.6% in 2020, 6.8% in 2021 and 7.1% in 2022.

The Global Times quoted Xinhua as saying that China has set a goal of modernizing its national defense and military by 2035. According to news reports, China aims to achieve the Centenary Goal of the People’s Liberation Army (PLA) by 2027. (ANI)

(This is an unedited and auto-generated story from a Syndicated News feed, the body of content may not have been modified or edited by LatestLY staff)