China sets economic growth target ‘above 6%’ for 2021, defense budget to be hiked by 6.8%

Beijing: China has set an economic growth target of above 6 per cent for 2021, Premier Li Keqiang announced today at the National People’s Congress in Beijing. Li said said, China will continue to face many development risks and challenges in 2021, but the economic fundamentals that will sustain long-term growth remain unchanged. The International Monetary Fund had forecasted in January that China’s economy would grow by 8.1 per cent in 2021.

China’s economy contracted by 6.8 per cent in the first quarter last year amid widespread lockdowns to contain the spread of Covid-19. But China’s economy rebounded and grew 2.3 per cent in 2020.

In another major announcement, China’s planned defense spending will be about 209 billion U.S. dollars, up by 6.8% from 2020, according to the draft submitted to the fourth session of the 13th National People’s Congress for deliberation