China Economy: China sets development target with five percent, record increase in the defense budget

Chinese President Xi Jinping began his new five-year term on Sunday. During this, the Chinese MP has set his development goals for the year 2023. The parliamentarian, who is called the country's rubber stamp, has set a target of increasing the country's development goals by five percent with the start of his new session.

China sets development target for 2023

During this, 67-year-old Premier Li Keqiang presented the final report of his tenure to the National People's Congress (NPC) and gave an account of his ten-year tenure. Meanwhile, China has set a five percent growth target for 2023, the lowest in decades. It is known that Prime Minister Li Keqiang is considered the second leader in China after President Xi Jinping.

Outlined the tenure of the last ten years

Addressing the parliament, Lee said that the term of this government is about to end. During this, he underlined the decades-old achievements of the Chinese government. It is to be known that during the session, the National People's Congress will appoint many new officials to the top posts. The parliament session formally marked the beginning of a third and new term for President Xi Jinping.

China did better economically

Li said in his address that China has registered an annual growth of 6.2 percent in its GDP during the past 10 years. He said the country's foreign exchange reserves remained stable at over $1 trillion. He further added that all these figures show that China has grown much better in economic terms.

Record increase in the Chinese defense budget

It is known that China has increased its defense budget by a record 7.2 percent during this period, after which the Chinese defense budget has gone up to 1.55 trillion yuan (about USD 224 billion). It is known that China has increased its military expenditure for the eighth consecutive year. Last year, China increased its defense budget by 7.1 percent.

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