Business Desk, AnyTV, New Delhi
Published by: Deepak Chaturvedi
Updated Sat, 05 Mar 2022 05:19 PM IST
Summary
China Reduced GDP Target To 5.5 Percent: China has reduced its GDP target for this year to 5.5 per cent from 6.1 per cent last year. The Chinese Prime Minister has cited the Corona epidemic, recession in the property sector and especially the ongoing war between Russia-Ukraine as the main reason for this.
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Expansion
lowest target in three decades
Significantly, China has lowered its gross domestic product (GDP) target for this year from 6.1 last year to 5.5 percent. This is the lowest since 1991. China’s Prime Minister Li Keqiang, the world’s second largest economy, announced a new GDP target in the work report presented at the National People’s Congress on Saturday. Significantly, China’s economy grew at the rate of 8.1 percent in the year 2021 to about $ 18 trillion. The pace of growth had been well above the government’s target of over six per cent in 2021.
Russo-Ukraine war cited
Referring to the reason behind reducing the GDP target, Prime Minister Keqiang said that China’s GDP is likely to be affected due to the Corona epidemic, slowdown in the property sector and the ongoing war between Russia and Ukraine. Therefore, its target has been reduced to 5.5 per cent. Significantly, the ongoing war between Russia and Ukraine has intensified. In ten days, a large number of people have lost their lives in it, while cities in Ukraine have been devastated.
Defense budget of the country increased
On the one hand, while China has reduced its GDP target, on the other hand it has proposed to increase its defense budget by 7.1 percent to $ 230 billion. This proposal is $21 billion more than last year. Last year the defense budget was $209 billion. Let us tell here that the defense budget of China is three times more than that of India.