https://sputnikglobe.com/20220305/china-to-ramp-up-military-spending-oil-and-gas-development-sets-hard-gdp-target-1093622222.html
China to Ramp Up Military Spending, Oil and Gas Development, Sets 'Hard' GDP Target
China to Ramp Up Military Spending, Oil and Gas Development, Sets 'Hard' GDP Target
Sputnik International
The most recent National People’s Congress (NPC) took place on 5 March, ahead of the Communist Party’s national congress, the key event in Chinese politics... 05.03.2022, Sputnik International
2022-03-05T19:46+0000
2022-03-05T19:46+0000
2022-03-05T19:45+0000
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China is eyeing to increase its defence budget by 7.1%, up to $237 billion in the new year, according to a government finance report presented during this year's National People’s Congress (NPC). Not only will the budget be larger, but its annual growth rate also increased in 2022, from 6.8% to 7.1%.Chinese Premier Li Keqiang called for a "deepening comprehensive combat readiness" for the Chinese military (the People's Liberation Army, or the PLA) during his NPC address. Li noted that the PLA must "carry out military struggles in a resolute and flexible manner" so as to defend the party's interests around the world.The Communist Party also presented its economic goals for 2022, with the set goal of a 5.5% GDP growth and a fiscal deficit of 2.8%. These capital targets will not be easy to achieve as the world continues to recover from the pandemic and is currently shaken by high energy costs – from oil and gas to coal. Li admitted that the party had set its goals high.The political head noted that Beijing will take steps to help its economy achieve these heights, as the government report noted significant fossil fuel boosts for the exploration of new oil and gas fields in 2022.Beijing also plans to advance science innovation and streamline its industries, Li added during his NPC address. He also announced reform within research institutes and several new science and technology projects, but did not provide specifics. Li noted that various capital incentives will be implemented to increase cashflow to research and development.
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China to Ramp Up Military Spending, Oil and Gas Development, Sets 'Hard' GDP Target
The most recent National People’s Congress (NPC) took place on 5 March, ahead of the Communist Party’s national congress, the key event in Chinese politics, which takes place in the autumn. New faces may be invited into the cabinet and it will be determined if Beijing's President Xi Jinping is allowed to keep his post for another term.
China is eyeing to
increase its defence budget by 7.1%, up to $237 billion in the new year, according to a government finance report presented during this year's National People’s Congress (NPC). Not only will the budget be larger, but its annual growth rate also increased in 2022, from 6.8% to 7.1%.
Chinese Premier Li Keqiang called for a "deepening comprehensive combat readiness" for the Chinese military (the People's Liberation Army, or the PLA) during his NPC address. Li noted that the PLA must "carry out military struggles in a resolute and flexible manner" so as to defend the party's interests around the world.
The Communist Party also presented its
economic goals for 2022, with the set goal of a 5.5% GDP growth and a fiscal deficit of 2.8%. These capital targets will not be easy to achieve as the world continues to recover from the pandemic and is currently shaken by high energy costs – from oil and gas to coal. Li admitted that the party had set its goals high.
"It will take hard effort to achieve such targets", he stated.
The political head noted that Beijing will take steps to help its economy achieve these heights, as the government report noted significant fossil fuel boosts for the exploration of new oil and gas fields in 2022.
Beijing also plans to advance science innovation and streamline its industries, Li added during his NPC address. He also announced reform within research institutes and several new science and technology projects, but did not provide specifics. Li noted that various capital incentives will be implemented to increase cashflow to research and development.
