China targets GDP growth of 6.5% while moving to cut debt

China targets GDP growth of 6.5% while moving to cut debt

China targets GDP growth of 6.5% while moving to cut debt

China hopes the USA will comply with global rules, particularly those of the World Trade Organization, Li said.

Additionally, phrases like "Xi Jinping" and "indefinite control" were banned alongside images of Winnie the Pooh and Tigger which have been used in the past as criticism of the Chinese leader, following images of his 2013 visit to America, where he was pictured alongside Barack Obama.

China feels a great sense of duty, and considers not only its own growth but the sustained development of the world economy, Li said, adding that the country hopes the recent positive momentum of the world economy will be championed.

The government set an economic growth target of around 6.5 per cent for 2018, in line with expectations but lower than the 6.9 per cent GDP increase in 2017.

U.S. Representative Ro Khanna, a Democrat, said on Twitter that "whether this was a joke or not, talking about being President for life like Xi Jinping is the most unAmerican sentiment expressed by an American President".

It comes amid a marathon campaign to nurture self-sustaining growth based on domestic consumption instead of trade and investment and to rein in surging debt that prompted ratings agencies to cut Beijing's government credit rating previous year.

Li says he is making financial risk prevention a key economic priority.

Li promised Beijing would open its economy wider to foreign investors by "completely opening up" manufacturing and expanding access to other industries, but gave no details.

China will cut steel capacity by 30 million tonnes and coal by 150 million tonnes in 2018, according to the report. It was unclear how that might affect China's annual output of about 800 million tons.

Under Xi, China's military has undergone a massive modernization push to turn it into one that can protect China's interests at a time when disputes are growing with the US, its neighbors and old foe Japan.

This is the Chinese government's first attempt to include migrant workers in its counting of the urban unemployment rate by census, which has been set at 5.5 percent this year. Authorities announced its founder and chairman would be prosecuted on charges of improper fundraising.

The proposal to remove term limits for president from China's constitution has prompted concern a slide toward one-man rule will erode efforts to make economic regulation more stable and predictable.

"Poverty relief policies will remain unchanged for those already lifted out of poverty while the battle goes on, and the newly poor and those who slip back into poverty will receive prompt support", Premier Li continued.

The premier said Beijing will speed up state-led development of integrated circuits, mobile communications, aircraft engines, electric cars and other technology.

China said defense spending would increase at the quickest pace in three years, as President Xi Jinping pursues a "world-class" military capable of projecting force further from the country's coasts.

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