China actively participates in global affairs: spokesperson

The world’s second largest economy had targeted growth of 6.5-7% last year but finally achieved 6.7%, which was the slowest in the past 26 years.

The new defense budget from China comes despite the country’s rapid ongoing military modernization and expansion, especially for the People’s Liberation Army-Navy, and ongoing tensions in the East and South China Seas.

“The country’s military spending this year will stand at 1.04 trillion yuan [about $152 billion] with 1.02 trillion yuan from the central budget”, the Xinhua report said.

The military budget for 2017 will increase by 7 percent, to 1.044 trillion yuan ($151.43 billion), about one-quarter of the proposed US defence spending for the year.

The announcement came just days after US President Donald Trump outlined plans to beef up American military forces by raising expenditures by around 10 per cent. But as this confrontation continues behind the scenes, the U.S. and China are likely to continue dialogue and cooperation on common issues such as the North Korean nuclear program.

“In general, China’s policy stance has turned to “risk control” and ‘bubble deflating.’ This means that monetary policy will gradually tighten”, said Zhou Hao (周浩), emerging markets economist at Commerzbank AG in Singapore.

There is information that China has repeatedly launched tests of a new model of a multiple-warhead intercontinental ballistic missile, which has the US mainland within its range.

“So, even though it’s a relatively small amount, this amount is fielding new capabilities for contingencies in the South China sea”, Ong-Webb said.

China said on Sunday its defense budget this year will top $145 billion – a record high. “Tackling smog is down to every last one of us and success depends on action and commitment”.

Xi has sought to portray China on the global stage as anti-protectionist, in contrast to the move away from free trade espoused by US President Donald Trump. She noted North Atlantic Treaty Organization members were being urged to spend 2% of GDP on defense-a higher level than China.

At a press conference a day before the National People’s Congress (NPC) convenes its yearly meeting, spokesperson Fu Ying said China and India have over the past decades witnessed rapid development of bilateral trade, which surged from two billion United States dollars in the 1990s to last year’s more than 70 billion dollars.

China’s ability to have another crack at such reforms will largely fall to President Xi.

That means continuing to make credit available for local governments to build infrastructure, which should flow through to robust steel production, even if this number is slightly lower than past year. Many regional areas are experiencing far lower levels of growth than the official figures for the economy as a whole, with local authorities covering up the real situation in their regions.

Policymakers have demonstrated the tolerance to the economic slowdown, Robin Xing, chief China economist with Morgan Stanley, said.