You are here: Home » International » News » Economy
Business Standard

China slashes GDP target to 6-6.5% this year; hikes defence budget by 7.5%

The lowered growth rate from the 2018 target of 6.5 per cent was proposed by Premier Li

Press Trust of India 

GDP
Representative Image

will face a “graver and more complicated” environment to development, warned on Tuesday as the world's second largest slashed its target to 6 to 6.5 per cent this year, amid an ongoing trade war with the and continued economic slowdown.

The lowered growth rate from the 2018 target of 6.5 per cent was proposed by Premier Li in his work report for this year at the annual session of the rubber-stamp Parliament, the National People's Congress.

The country, the world's second largest military spender after the US, also announced a 7.5 per cent increase in its defence Budget for this year, hiking it to a whopping $177.61 billion, over three times that of India.

.

First Published: Tue, March 05 2019. 22:01 IST
RECOMMENDED FOR YOU