China will increase defense spending amid budget deficit

Pandemic coronavirus will not affect the plans of the authorities of China on the annual increase in the defence budget, which is the largest in the world after US budget.

2020 is planned to increase by 6.6 percent to 1.27 trillion yuan (us$178,8 billion). For the last year military spending increased by 7.5%.

this year, the Chinese government has refrained from setting targets of GDP growth, Premier of the state Council of China Li Keqiang did not voice them at the opening session of Parliament. By the end of 2019, the growth rate of the Chinese economy was 6.1%, the worst figure for the last 30 years.

In 2020 the country is expected to unemployment at 5.5%, in connection with what authorities plan to create 9 million jobs (last year there were 11 million).

In the annual project is also expected to the state budget deficit in the amount of trillion yuan (about $of 141.6 billion), or about 3.6% of GDP. Inflation in China in 2020 will increase to about 3.5 percent.

against this background, Premier Li Keqiang pledged this year to completely eliminate poverty in the country and continue the revival of rural areas. Until the end of the year, China needs to overcome poverty in more than 1 thousands of villages that are experiencing the greatest problems.

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