The economic planning agency also said on Monday it expects retail sales to increase by around 10% in 2018, the same as a year ago.
While growth handily surpassed 2017’s target with a 6.9 percent expansion that was the first acceleration since 2010, economists forecast a moderation to 6.5 percent this year amid the ongoing deleveraging drive and trade tensions with the Trump administration.
Instead he referred to the party constitution, which has no term limits for who heads the party and heads the military, positions Xi also holds and which are considered more senior in the country’s hierarchy than the presidency.
“The spending on research and development skyrocketed by 11 percent and jumped to the No. 2 spot in the world, with a wide range of innovations adopted from aerospace, communication, transportation, mobile payment, and shared economy, in addition to the remarkable start-up boom, leading to new growth momentum and a reshaping of the economic landscape”, Li said.
It [China’s defense budget] looks to be connected to the nation’s economy.
“While the general public budget deficit ratio is lowered, the deficit ratio covering all government accounts is largely stable”, Liu Liu, an analyst at China International Investment Corp.in Beijing, said in a note.
China previous year increased the defence budget to Dollars 150.5 billion.
Ding explained that Chinese leaders prioritize resolving domestic social issues over military expenditure.
In his speech, Li Keqiang also said that over the last few years the world has witnessed an anemic recovery in the global economy, the volatility of global financial markets, and the sharp rise of protectionism. I think Chinese leaders understand the changes taking place domestically. He stressed that major advances had been recorded in developing military technology and equipment with the help of greater civilian-military industrial integration.
“We can expect that China’s defense budget to continue to be subordinated to, and coordinated with, China’s economic performance”, James Char, a military expert at Singapore’s Nanyang Technological University, told the AFP news agency.
China lifted 37,000 people above the poverty line every day in the past five years in what is being described by Beijing as the “largest poverty alleviation programme in history”. From a budget of $132 billion in 2014, spending rose by 10%, 7.6% and 7% respectively in the following years. There’s a slight increase. But it’s not an overreaction and it’s not alarming. China vowed to become a socialist modern power by the middle of this century. But it’s a quarter of what the U.S. defense budget.
The figure, an 8% increase on past year, was announced as the annual meeting of parliament got under way in Beijing.
The United States, meanwhile, spent 3.3 percent of its GDP on military spending.