ANI
05 Mar 2019, 16:25 GMT+10
Beijing [China], Mar 5 (ANI): China's defence budget for 2019 has been pegged at 1.19 trillion yuan (about 177.61 billion US dollars), marking an increase of 7.5 per cent over the last year's figure, despite lower economic growth rate ranging between 6 and 6.5 per cent.
Describing China's defence budget increase as reasonable and appropriate, Zhang Yesui, spokesperson for the annual session of the 13th National People's Congress (NPC), said the raise aims to "meet the country's demand in safeguarding national security and military reforms with Chinese characteristics."However, according to a draft budget report to be submitted to the annual session of NPC opening on Tuesday, China will lower its defence budget growth rate to 7.5 per cent from last year's 8.1 per cent.
The rate marks a fourth straight year for the budgeted growth rate to dip into the single digit since 2016, following five consecutive years of double-digit increases, official news agency Xinhua reported.
China's budgeted defence spending growth rate stood at 7.6 per cent in 2016, 7 per cent in 2017, and 8.1 per cent in 2018.
According to the South China Morning Post, Beijing has set a lower economic growth target for this year and will step up fiscal measures to stabilize the growth.
The government has set a growth target range of 6 to 6.5 per cent for this year, down from the target of"about 6.5 per cent" set for last year, after factoring in a variety of headwinds, including the trade war with the United States, an already high debt level and financing bottlenecks for private enterprises.
Deficit target has been raised to 2.8 per cent of gross domestic product from 2.6 per cent in 2018, providing more fiscal leeway for government spending. (ANI)Get a daily dose of Asia Pacific Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Asia Pacific Star.
More InformationMANILA, Philippines - In a dramatic move, the International Criminal Court on Tuesday arrested the former president of the Philippines,...
BENTONVILLE, Arkansas: Walmart is pressuring some Chinese suppliers to cut prices in response to President Donald Trump's imposed U.S....
NEW DELHI, India: The United States is pressing India to lower tariffs and increase defense purchases to secure a stronger bilateral...
BEIJING, China: China has set an economic growth target of around five percent for 2025, signaling efforts to stabilize the economy...
Shanghai [China], March 12 (ANI): Pratik Mathur, Consul General of India in Shanghai, on Wednesday visited the India Pavilion of the...
Port Louis [Mauritius], March 12 (ANI): In a symbolic gesture of cultural and spiritual connection, Prime Minister Narendra Modi on...
NICOSIA, Cyprus: Cyprus' ancient Commandaria wine, praised for its rich heritage dating back nearly 3,000 years, is making a comeback...
SAN FRANCISCO, California: Shares of DoorDash, Williams-Sonoma, Expand Energy, and TKO Group surged in extended trading on March 7...
NEW YORK, New York - The freefall fn U.S. stocks continued Tuesday with all the major indices taking a hit durin g the bulk of the...
WASHINGTON, D.C.: The Trump administration announced this week that it will end collective bargaining rights for about 50,000 TSA officers...
BENTONVILLE, Arkansas: Walmart is pressuring some Chinese suppliers to cut prices in response to President Donald Trump's imposed U.S....
NEW DELHI, India: The United States is pressing India to lower tariffs and increase defense purchases to secure a stronger bilateral...