China's top economic official announced a robust annual growth target and a 7.5 per cent rise in military spending on Tuesday at a legislative session overshadowed by a tariff war with Washington.
Chinese Premier Li Keqiang is seen on a big screen as he delivers the work report at the opening session of the annual National People's Congress in Beijing's Great Hall of the People, Tuesday, March 5, 2019. Last Updated Tuesday, March 5, 2019 12:45AM EST
The premier promised to "promote China-U.S. trade negotiations," but gave no details of talks aimed at ending the fight with President Donald Trump over Beijing's technology ambitions and complaints it steals or pressures companies to hand over technology. President Xi Jinping's government is expected to use this year's session to announce measures to support economic growth including tax cuts and more support for entrepreneurs who generate China's new jobs and wealth.
Government spending plans reflect "emphatic pro-growth efforts" and a "commitment to offset external headwinds," said Vishnu Varathan of Mizuho Bank in a report. Yue Gang, a military expert and retired Chinese army colonel, said the relatively modest rise in military spending -- down from the double-digit percentage increases of past years -- reflected the new economic conditions China is facing.
The tariff fight with Trump over Beijing's technology ambitions has rattled Chinese consumers and investors who also worry about weakening real estate and auto sales. That is prompting some to put off spending, which could add to downward pressure on economic growth. It was unclear whether Trump would be mollified by the technology measure, part of law on foreign investment that state media say the congress is due to endorse.
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