Latest Global Business News

China maintains economic growth target of 6.5% for 2018

 
China has set its economic growth target at six-and-a-half percent for the second consecutive year.
The announcement was made at the beginning of the so-called 'two sessions' meetings, Beijing's annual parliamentary gathering.
 
To talk us through it further, we have on the line Kwon Jang-ho at the foreign ministry.
Jang-ho, can you give us some more details?
 
Good afternoon, Mark.
 
As you mentioned, Beijing has decided to maintain its economic growth target, at around six-point-five percent.
That's despite the country's economy exceeding expectations last year by hitting 6-point-NINE percent growth.
 
The conservative target is seen as a signal that the government is trying to rein in the nation's spending, reduce debt and improve overall financial stability.
 
This was further emphasized by Beijing also lowering its budget deficit target to two-point-six percent of GDP, down from three percent in the past two years.
 
However, Beijing continued its drive to expand its military, announcing an increase of its defense spending by more than eight percent, up from last year's seven percent.
 
An increase in military spending, but overall a cautious economic forecast as China looks to become a more stable financial power. The 'two-sessions' are set to continue for another ten days or so. Jang-ho what else can we expect from the meetings?
 
china sets 2018 target of 6pt5percent growth
 
The most controversial news to come out of Beijing in recent weeks has been the announcement that China will scrap its two-term presidential limit, clearing the way for Xi Jinping to stay in office beyond 2023.
 
That decision is expected to be ratified in the next few days.
 
The integration of the president's political philosophy, known simply as 'Xi Jinping Thought', into the nation's constitution is also expected to be rubber stamped.
 
This essentially elevates him to the same level as the modern China's first communist leader, Mao Zedong, and although it has caused alarm in some circles, the 'two sessions' is not where those objections will be raised, as it's a largely ceremonial gathering of parliament.
 
New policies concerning anti-corruption and the environment, two areas that Xi has strongly emphasized, are also expected to be introduced.
I'll be back in later newscasts if we hear any further updates.
 

Add comment

Emails are optional and for tracking replies. Names are unique; get yours today with a comment!

Security code
Refresh

La Business

U.S. yield curve inverts further, pointing to possible recession ahead
U.S. yield curve inverts further, pointing to possible recession ahead

The gap between the two-year and 30-year U.S. Treasury yields, a closely-followe [ ... ]

Read more la
IMF says China should keep exchange rate flexible as trade war intensifies
IMF says China should keep exchange rate flexible as trade war intensifies

  The International Monetary Fund says China should keep its exchange rate f [ ... ]

Read more la
Trump labels China as 'currency manipulator,' as yuan drops to historic lows
Trump labels China as 'currency manipulator,' as yuan drops to historic lows

  U.S. President Donald Trump has lashed out against China for manipulating it [ ... ]

Read more la
Japan considered undeveloped in AI, says SoftBank CEO
Japan considered undeveloped in AI, says SoftBank CEO

  One of Japan's top businessmen says his 90-billion U.S. dollar venture fu [ ... ]

Read more la
Bill Gates' wife Melinda Gates: Trump 'isn't being true' to American values
Bill Gates' wife Melinda Gates: Trump 'isn't being true' to American values

  Melinda Gates has accused US President Donald Trump of not being "true" to Ame [ ... ]

Read more la
Coffee sales in 2019 projected to reach US$5.8 bil. or 300 cups per person
Coffee sales in 2019 projected to reach US$5.8 bil. or 300 cups per person

  A report by the Hyundai Research Institute projects the local coffee industry's  [ ... ]

Read more la
Deutsche Bank to cut 18,000 jobs worldwide in radical restructuring
Deutsche Bank to cut 18,000 jobs worldwide in radical restructuring

  Deutsche Bank has announced a plan to cut 18-thousand jobs by 2022 to boost  [ ... ]

Read more la
Huawei denies conducting research for Chinese military
Huawei denies conducting research for Chinese military

  Huawei's top legal officer claims the company does not customize products no [ ... ]

Read more la
FedEx sues US Commerce Department over export controls in Huawei dispute
FedEx sues US Commerce Department over export controls in Huawei dispute

  Global delivery firm FedEx has a 'special delivery' for the U.S. government. [ ... ]

Read more la
Fed keeps benchmark interest rate unchanged, but signals rate cuts in future
Fed keeps benchmark interest rate unchanged, but signals rate cuts in future

  The U.S. Federal Reserve has kept interest rates unchanged,... but hinted  [ ... ]

Read more la
Huawei signs deal with Russian telecoms firm to develop 5G
Huawei signs deal with Russian telecoms firm to develop 5G

  China's Huawei has signed a deal with Russian telecoms firm MTS to develop 5G  [ ... ]

Read more la
Mastercard drops Neymar from campaign amid rape allegation
Mastercard drops Neymar from campaign amid rape allegation

  Mastercard has canceled a planned advertising campaign featuring Brazilian s [ ... ]

Read more la
World Bank downgrades 2019 global economic outlook to 2.6%
World Bank downgrades 2019 global economic outlook to 2.6%

  The World Bank has downgraded its global economic outlook for this year to two [ ... ]

Read more la
Fed Chairman Jerome Powell hints at possible rate cut if necessary, citing trade war with China
Fed Chairman Jerome Powell hints at possible rate cut if necessary, citing trade war with China

  The head of the U.S. Federal Reserve has hinted at a possible interest rate  [ ... ]

Read more la
Generation Z seeks fun and relies on influencers when shopping
Generation Z seeks fun and relies on influencers when shopping

  It appears those born in the mid-90s or later - have unique shopping habits... [ ... ]

Read more la
China's Huawei holds world's No. 2 smartphone spot in Q1: Report
China's Huawei holds world's No. 2 smartphone spot in Q1: Report

  China's telecom company Huawei maintained its spot as the world's second-l [ ... ]

Read more la

Our Sponsors


La Latest

Twin panda cubs born in Berlin

  Two panda cubs weighing 186g and 136g were born at Zoo Berlin on Saturday ev [ ... ]

Read more la
Typhoon Lingling to slam S. Korea this weekend

Be sure to have an umbrella handy this week,... because the autumn monsoon season is [ ... ]

Read more la
Tens of thousands protest over plans to suspend Parliament

  Tens of thousands of people protest against Boris Johnson's plans to suspe [ ... ]

Read more la
Indonesia to move capital city to eastern Borneo, replacing Jakarta

  Indonesia has announced that it's moving its capital from the crowded megaci [ ... ]

Read more la
U.S. yield curve inverts further, pointing to possible recession ahead

The gap between the two-year and 30-year U.S. Treasury yields, a closely-followe [ ... ]

Read more la
Massive wildfires in Amazon rainforest emerging as "global crisis"

  Flames are spreading across the Amazon rainforest this summer, spewing m [ ... ]

Read more la
Disney's video streaming service to debut in November for US$6.99 a month

  The Walt Disney Corporation announced Monday that it will launch its Disney- [ ... ]

Read more la
Brazil sends in army to tackle Amazon rainforest fires

  Brazil's army will launch a one-month operation from Saturday to tackle the  [ ... ]

Read more la

La Entertain

Beauty queen Whitney Hui married to Alexander in stylish wedding; boyfriend turns husband

3 Sep 2019 - Actress and Miss Hong Kong second runner-up Whitney Hui (30) finally married her foreig [ ... ]

Read more la
Angelababy lunches with David Beckham - Fish & Chips style

3 Sep 2019 - Angelababy was filming with David Beckham in Macau and Beckham graciously prepared an a [ ... ]

Read more la
Kris Wu holds girlfriend Luyi Luna's hands in carpark; wipes student's wet...

31 Aug 2019 - Kris Wuyi Fan (28) has been spotted holding the hands of his girlfriend Luyi Luna (19) [ ... ]

Read more la
Elva Hsiao's new underaged boyfriend Justin Huang Hao

27 Aug 2019 - Over the last weekend, Elva Hsiao (40) decided to go public with her new boyfriend num [ ... ]

Read more la
Wang Leehom's wife Lee Jinglei celebrates son Wang Jiayao's 1st birthday

24 Aug 2019 - Wang Leehom (43)'s wife Lee Jinglei (33, also Li Jinglei) delivered a baby son Wang Ji [ ... ]

Read more la
Zhao Liying first day at work after delivering baby son for husband William Feng Shaofeng

22 Aug 2019 - Zhao Liying Zanilia has been spotted on a number of occasions after her pregnancy but  [ ... ]

Read more la
Tiffany Tang's baby daughter bump too big to hide

22 Aug 2019 - On a recent filming session while Tiffany Tang was on the set, she was dressed in bagg [ ... ]

Read more la
Donnie Yen & Takuya Kimura's daughters grow up; Jasmine Yen & Mitsuki Kimura

Japanese heartthrob Takuya Kimura (46)'s 16 year old daughter Mitsuki Kimura has just made her debut [ ... ]

Read more la