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Zhuang Pinghui

GDP growth target at least 6.5%
China has set its annual growth target to at least 6.5 per cent. This came after gross domestic product grew 6.9 per cent last year – a 25-year low for the world’s second-largest economy. Premier Li Keqiang urged the Chinese people to “fight a hard battle” amid increasing downward pressure on the economy at home as well as risks and uncertainties abroad.
READ all the latest stories on China’s annual ‘Two Sessions’ parliamentary meeting
Budget deficit is 3% of GDP
Beijing floated its fiscal deficit to 3 per cent of GDP, or 2.18 trillion yuan (HK$2.6 trillion), for 2016 to ensure a “reasonable range” of growth in an economically challenging year. The deficit will mainly facilitate tax and fee cuts for firms. Last year’s actual fiscal deficit was 2.4 per cent of GDP.

Military budget rises 7.6%
The country’s top legislature raised this year’s defence budget by 7.6 per cent – the lowest increase since 2010 – to 954 billion yuan. The military was set the lower-than-expected budget even though the People’s Liberation Army is undergoing a sweeping reform that will cut 300,000 troops and upgrade the force’s combat ability.
READ MORE: PLA officers make rare public show of disappointment at military budget increase
Unemployment rate to stay below 4.5%
China targeted to create at least 10 million new urban jobs this year and to hold the unemployment rate below 4.5 per cent. This comes as the number of fresh college graduates hit an unprecedented high of 7.65 million. The economic slowdown has already sparked concerns over job losses, especially as the country faces the daunting task of reducing excessive industrial capacity.
Poverty alleviation budget rises 43.3%
China raised its poverty alleviation budget by 20.1 billion yuan – or 43.4 per cent – as it aimed to lift at least 10 million people out of poverty in 2016. The target is part of the country’s grand plan to build a “well-off society” by 2020. More than 70 million rural residents are living below the poverty line, meaning that they earn less than 2,300 yuan a year.
READ MORE: Why China’s rich should do more to help the poor


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China's 'Two Sessions' 2016

5 big numbers set to define China in 2016

Attendants prepare tea for China’s leaders before the Chinese People's Political Consultative Conference closes at Beijing’s Great Hall of the People. Photo: AFP

epa05193514 (FILE) A file picture dated 03 September 2015 shows Chinese troops march during a military parade marking the 70th Anniversary of the 'Victory of Chinese People's Resistance against Japanese Aggression and World Anti-Fascist War' at Tiananmen Square in Beijing, China. China will increase its defense budget in 2016 by between 7 to 8 percent compared to last year's budget increase of 10.1 percent, the National People's Congress (NPC) spokesman Fu Ying announced on 04 March 2016. Fu confirmed in a press conference prior to the start of the annual legislative session that the increase in the budget will be less than the previous year, following the trend of recent years, but did not specify the exact variation. Fu explained that China sets its military budget according to its needs in defense, economic development and fiscal possibilities. Thus, the defense spending of the world's most populated country will continue to rise, but more moderately than in previous years. EPA/ROLE

PLA officers make rare public show of disappointment at military budget increase 

Chinese aircraft carrier Liaoning cruises back to a port after a sea trial in Dalian, Liaoning province. Military officers have taken the rare step of voicing disappointment at this year’s increase in China’s military budget. Photo: AP

In this Saturday, Sept. 21, 2013 photo, a Jian-15 fighter jet takes off from China's first aircraft carrier, the Liaoning, during a sea trial in Qingdao in eastern China's Shandong province. Double digit annual percentage increases in China’s defense budget have been fueling a top-to-bottom modernization drive that has brought in new equipment and vast improvements in living conditions for the People’s Liberation Army’s 2.3 million members. (Color China Photo via AP) CHINA OUT

New | 5 big numbers set to define China in 2016

We sum up the key figures unveiled during China’s parliamentary session

GDP growth target at least 6.5%

READ all the latest stories on China’s annual ‘Two Sessions’ parliamentary meeting

Budget deficit is 3% of GDP