China cuts growth forecast for this year, keeps defense budget three times that of India
China has estimated the growth rate for this year at 5.5 percent. Last year the growth rate was 6.1 percent. This year the fiscal deficit has been kept at 2.8 percent of GDP.
China reduced the growth rate estimate.
Image Credit source: file Photo
China on Saturday announced its Gross Domestic Product ,China GDP growth rate) reduced the target to 5.5 per cent from 6.1 per cent last year. Prime Minister Li Keqiang announced the new GDP target on Saturday in his work report presented to the country’s parliament, the National People’s Congress (NPC). China is the second largest economy in the world ,Chinese economy)Is. China’s economy has grown at the rate of 8.1 percent in the year 2021 to about 18 trillion (trillion) US dollars. The pace of growth was well above the government’s target of over six per cent in 2021. In his work report presented to the NPC, the Prime Minister said that China plans to create more than 11 million new jobs in 2022.
Li Keqiang said that in the year 2022, the fiscal deficit will be 2.8 percent of GDP. In the year 2021, it was 3.2 percent of GDP. Let us tell you that China considers the calendar year only as an economic year. This year the Chinese government is fully expecting a jump in revenue. Due to this the government has increased the expenditure. The Chinese government will spend $ 316.5 billion in the current financial year.
Total expenditure 13.40 trillion yuan
The total expenditure of the government has been kept at 13.40 lakh crore yuan, with a jump of 14.3 percent. Apart from this, the government has brought a jump of 7.1 percent in the defense budget. China has proposed an increase of 7.1 percent in the defense budget for the year 2022 to $ 230 billion, which is $ 21 billion more than last year’s $209 billion.
Defense budget increased by 7.1 percent
The government newspaper ‘China Daily’ quoted the draft budget presented by Prime Minister Li Keqiang at the National People’s Congress (NPC) on Saturday as saying that the Chinese government has allocated 1.45 trillion (trillion) yuan for the fiscal year 2022. defense budget ,China defense budget) which is 7.1 percent more than last year.
Defense budget three times that of India
With this increase, China’s defense budget has tripled compared to India’s defense budget (about $70 billion). Last year, China’s defense budget crossed $ 200 billion. China had increased its defense budget by 6.8 percent in fiscal year 2021, taking its total defense budget to $209 billion.
Focus on strengthening the PLA
The Chinese Prime Minister, in the work report presented in Parliament, stressed on “massively strengthening the war preparedness of the People’s Liberation Army (PLA)”. With it came amid rising political and military tensions. After America, China is the second largest country in the world in terms of spending on defense budget.
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