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China sets ambitious growth target of around 5% and announces increases in military spending

March 5, 2024

Via: Sky News

Chinese Premier Li Qiang made the announcement at the opening of the country’s annual meeting of the National People’s Congress on Tuesday, in a speech that prioritised both security and the economy.

Mr Li said the government would issue 1 trillion yuan (around £110bn) in “ultralong special treasury bonds” in 2024 and over each of the coming several years – a long hoped-for extra promise of government spending to help support flagging growth.

The ruling Communist Party has been emphasising the need to raise consumer spending to help drive the economy.

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