China will maintain last year’s GDP target of 7.5% growth in 2013, outgoing Premier Wen Jiabao told the country’s annual legislative session today, Reuters reported. The government will boost its 2013 fiscal deficit to US$192.8 billion (RMB1.2 trillion) up from US$136.5 billion in 2012, raising military spending by 10.7% and the domestic security budget by 8.7%. Separate documents said that China would put into operation 3,225 miles of new railway lines this year, boost clean energy generation and raise the quota for bonds issued by local governments to US$56.2 billion in 2013, up from US$40.2 billion in 2012, while working to strengthen regulation of local government debt.
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