China's $175 billion defence budget three times higher than India's

'I think it's great': Trump praises Xi Jinping after China scraps presidential term limit

A report submitted to the National People's Congress at the opening of its annual session on Monday says the process was set in motion by Xi at a meeting of the ruling Communist Party's Politburo on September 29.

U.S. President Donald Trump has proposed the largest military budget since 2011, focused on beefing up the United States' nuclear defenses and countering the growing strength of China and Russian Federation.

In a government work report delivered to the first session of the 13th National People's Congress (NPC), Premier Li Keqiang said that China promised to open its doors wider to foreign investors and further liberalize and facilitate trade and investment.

"Faced with profound changes in the national security environment" the absolute leadership of the military by the ruling Communist Party must be observed, and the unity between the government and the military, and the people and the military, must always be "strong as stone", he said.

China has been steadily increasing its military spending, dovetailed to its economic rise.

CHINA has today unveiled its largest rise in defence spending in three years as it bids to dominate the world with a vast superpower military.

China has no desire to overturn the existing global order and its increasingly powerful military does not constitute a threat to others, the spokesman for the country's ceremonial legislature said Sunday.

The figure released in a report Monday to the ceremonial National People's Congress is an increase in the growth rate from previous year, when finance ministry officials said the budget was rising 7 percent to $151 billion. "This will be beneficial to strengthening and completing the state leadership system". He also said the country will target a growth rate of around 6.5% in 2018 that would lift 10 million people out of poverty.

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The Treasury Department also wouldn't comment for the Journal's story. Cohen told the paper the sources" accounts amounted to "fake news'.

China has cut 300,000 troops from its forces, leaving it with an army of around two million solders.

Last month, regulators seized control of one of China's biggest insurers, privately owned Anbang Insurance Group, amid concern about whether its debt burden was manageable.

In a sign Beijing might accept slower growth, Li cut the government's budget deficit target to 2.6 percent of gross domestic product from last year's 3 percent, which would reduce the stimulus from public spending.

For more, we recommend reading Trivium or the New York Times (paywall), or the full Work Report, Budget, and plan of the NDRC (National Development and Reform Commission), courtesy of the Wall Street Journal. "It is increasingly clear that China and Russian Federation want to shape a world consistent with their authoritarian model - gaining veto authority over other nations' economic, diplomatic, and security decisions".

"GDP growth of around 6.5 percent will allow us to achieve relatively full employment", said Li, the country's top economic official, in a speech to almost 3,000 NPC delegates to the ceremonial legislature in the Great Hall of the People.

The proposal, part of Trump's budget request for the USA government, would provide the Pentagon $617-billion and an additional $69-billion to fund ongoing wars in fiscal year 2019.

Ding, the Taiwan scholar, pointed out that China's defense budget each year continued to take a relatively low share of its annual GDP. "There'll be increased cost to protect its forces and save lives for China", professor Thayer from the Australian Defense Force Academy said.

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