the Defense budget of China, the second largest in the world after the U.S., will grow in 2020, despite the economic downturn.
China, the second economy in the world after the U.S., will increase in 2020, the national defense spending by 6.6% to 1.3 trillion yuan ($179 billion). This was announced Friday at the annual session of vsekitajsky meeting of national representatives (vsnp), which was postponed approximately two months due to the outbreak of coronavirus.
the Rate of increase in military spending — just 6.6% in yuan — was the lowest since 1991. The defence budget of China in 2019 increased by 7.5%.
China has decided not to set a target rate of economic growth in 2020 because of uncertainty over the impact of coronavirus.
“I would like to note that we did not set a specific goal for economic growth this year, said Premier of the state Council of China Li Keqiang. Due to the fact that our country will encounter some factors which are difficult to predict”.
In particular, he noted the “considerable uncertainty about the pandemic COVID-19 and the world economic and trading environment”.
last year, the second largest economy in the world grew by 6.1% while the target range of growth from 6% to 6.5%.
In the first quarter GDP decreased by 6.8% compared to the same period last year. This is the first such reduction since China began publishing quarterly GDP data in 1992.
Li stressed that ensuring people with jobs will remain a priority for the government, as in the past year. Beijing has set a target of unemployment at 6% compared to 5.5% in 2019. The promised number of new jobs, “over 9 million” — was less than planned last year, 11 million.
the Target of the consumer price index waslen at around 3.5% against 3% a year earlier.
Speaking at the opening session of the national people’s Congress, Lee introduced a plan to increase state support of the economy.
the budget Deficit China will increase compared to the previous year to 1 trillion yuan ($142,86 billion), while the ratio of deficit to GDP will be more than 3.6%.
“in addition, will be issued state bonds worth 1 trillion yuan to control COVID-19,” said Lee.
the Special bonds of local authorities will increase by 1.6 trillion yuan over the previous year, the total issue will amount to 3.75 trillion yuan.