China sets 5% GDP target, raises military spending

PTI

Beijing, Updated At : 04:41 AM Mar 06, 2025 IST

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China's parliament on Wednesday opened its annual session with the government setting a 5 per cent growth target for its economy struggling with slowdown amid escalating trade war with the US and stagnant domestic consumption.

It also announced a 7.2 per cent increase of its national defence budget totalling to $249 billion this year amid its hectic efforts to modernise armed forces, including fast development of warships and new generation jets.

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