China Raises Defense Spending Again

09 March, 2018, 09:35 | Author: Edward Snyder
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The government had also succeeded in rebalancing the world's second-largest economy, steering it away from its dependence on manufacturing output, and increasing the contributions of consumer spending and the services sector, Li said.

That is a far more optimistic spin on China's aggressive policies than most of its neighbors would offer.

The government will also spread the use of practices developed in existing free trade zones all over the country, and explore opening free trade ports, he said. But China kept its 2018 economic growth target at around 6.5 per cent, said Li, the same as in 2017, despite exceeding that year's target.

As Beijing had shifted from high-speed growth to high-quality growth, and increased the emphasis on people's welfare and the environment, so the regional government should lift its people out of poverty and do all it can to protect its grasslands and lakes, he said.

Widely-read Chinese tabloid the Global Times said if China really wants to expand militarily, the defense budget should really be rising 20 to 30 percent. It incorporates the country's economic and social development over the past five years as well as proposals for the government work in 2018, among which reform, innovation, rural revitalization, and people's well-being are top on the agenda. 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.

As analysts expected, China set its consumer price index at "around 3 percent" compared with 3 percent last year and set its budget deficit target to 2.6 percent of GDP, down from 3 percent last year.

China has announced a military budget of 1.11 trillion yuan ($US175b) for the coming year.

Rivals such as the United States, Japan, and India should be less anxious at the moderate rate of budget growth, although they "won't feel happy" to see rapid enhancements in China's air, naval, missile and antisatellite capabilities, said Ni, a professor at Shanghai University of Political Science and Law.

As mentioned in the government work report, the first China International Import Expo has been slated for November 5 to 10 this year in Shanghai to help more foreign goods enter China with a middle-income population of 400 million, already the world's biggest. 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.

Chinese Premier Li Keqiang said on Monday that Beijing will raise its defence budget this year by a hefty 8.1% over 2017, signalling the country's intent to build world-class armed forces. Part of it has been to make up for past investment deficiencies, mostly on renewing equipment and improving material benefits for soldiers.

The US President only had words of approval concerning Chinese President Xi Jinping's tenure "for life". Building up large armies with AK-47s, like it did during the Korean War, is not on the card. You shouldn't treat your troops as pawns.

President Donald Trump announced last Thursday he would impose hefty tariffs on imported steel and aluminium to protect United States producers, risking retaliation from major trade partners like China, Europe and neighboring Canada and sparking fears of a global trade war.


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