China's growth target unchanged at 7.5%; Warns Japan as military spending set to rise

Asia Economy
China's growth target unchanged at 7.5%; Warns Japan as military spending set to rise
By Finfacts Team
Mar 5, 2014 - 8:05 AM

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Li Keqiang, China's premier, delivers the government's work report during the opening meeting of the second session of the 12th National People's Congress (NPC), China's Communist Party selected parliament, at the Great Hall of the People in Beijing, capital of China, March 05, 2014. Photo: Xinhua

China has kept its economic growth target unchanged at 7.5% in 2014 according to a government work report delivered by Premier Li Keqiang at the parliament' s annual session Wednesday. The military budget is set to rise by 12.2% as Japan is warned again about uninhabited islands in the East China Sea.

"On the basis of careful comparison and repeatedly weighing various factors as well as considering what is needed and what is possible, we set a growth target of around 7.5%," the report said, four months after a key meeting outlined a wide-ranging reform package last November.

This is the third consecutive year that the government put the goal at 7.5% as it looks to steer the economy onto a more sustainable path.

China said it will make upgrading exports and promoting balanced trade growth as a strategic priority in 2014, with foreign trade expected to rise by 7.5%.

Premier Li Keqiang today warned Japan that China would not allow any country to “reverse the course of history,” as the claim over the disputed islands known as Senkaku to the Japanese and Diaoyu to the Chinese, continues to bubble.

“We will safeguard the victory of World War II and the postwar international order, and will not allow anyone to reverse the course of history,” Li said today.

China's finance ministry said military spending this year is budgeted at ¥808.23bn ($131.58bn), a 12.2% rise from last year's spending of ¥720.2bn. That in turn was an increase of 10.7% from 2012.

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