Published: Mon, March 06, 2017
Markets | By Terence Owen

China eyes stable growth amid push for longer-term reforms

China eyes stable growth amid push for longer-term reforms

They are watching closely for signs of change at this week's annual meeting of China's National People's Congress, when the country's leaders map out the latest economic course. "This is the requirement for safeguarding our national sovereignty and security", Fu Ying, NPC spokesperson said. Last year, Beijing set a 2016 budget deficit target of 3 percent of GDP.

A lending binge and increased government spending a year ago have fueled worries about high debt levels and an overheating housing market.

In a speech to the national legislature, Premier Li Keqiang promised more steps to cut surplus steel production that is straining trade relations with Washington and Europe.

This suggests China has little intention of starting an arms race with the United States, where President Trump just recommended a 10% increase in military spending to $603 billion. A statement from the White House indicated that Yang had a brief courtesy call with President Donald Trump.

During the phone call, Trump relented on his earlier insistence that the "one China" policy was vulnerable and dependent on Chinese actions.

Mr Yu said China was going to carry out public diplomacy and cultural exchanges and increase the CPPCC's worldwide communication with a focus on informing others about the system of multi-party cooperation and political consultations that existed under the leadership of the Chinese Communist Party (CPC).

While she didn't name the outsiders, Beijing often accuses the USA of interfering in the maritime disputes China has in the East China Sea with Japan and in the South China Sea with Vietnam, the Philippines and others. With the mastery of advanced theories, the CPC Central Committee with Xi Jinping as the core has outlined the "Four Comprehensives" strategic blueprint, which refers to comprehensively building a moderately prosperous society, comprehensively deepening reform, comprehensively advancing the rule of law and comprehensively strictly governing the Party.

These include the "serious challenge" of industrial overcapacity, differing growth rates across China, and "potential economic and financial risks".

"We will ensure order in the financial sector and build a firewall against financial risks", he said, adding that it will steadily push forward with de-leveraging, mainly in the non-financial corporate sector.

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"As to how the situation develops in the future, that depends on US intentions", Ms. Fu said.

"As to how to the situation develops in future, that depends on US intentions". "Because the level of concern in Beijing about U.S".

"If people would like to make an issue of navigational safety in the region, it is quite misleading", Fu added.

China will also press on with asset securitization and debt-to-equity swaps this year.

Local Chinese dailies also reported that the defense budget will focus more on the navy spending-keeping in mind the South China Sea dispute.

China's Defense Ministry has said it is monitoring the ongoing Vinson-led operations - the first in the waterway under the Trump administration.

The finance ministry's budget report said that the government would support efforts to build a "solid national defense and strong armed forces that are commensurate with China's global standing" and "ensure that adequate funds are available to promote further military-civilian development".

However, she said, "we are a developing country and there is a huge capability gap" between China and the U.S. "In particular, we need to guard against outside forces intervening in these disputes".

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