Premier Wen Jiabao reiterated Beijing’s target of 8% economic growth as he promised to "significantly increase" investment in 2009, Bloomberg reported. "We face unprecedented difficulties and challenges," Wen said in his work report on the opening day of the National People’s Congress (NPC) in Beijing. A collapse in exports has reduced China’s economy to its weakest growth in seven years, with rising job losses sparking fears of social unrest. Wen stressed that the nation must "reverse the economic slide as soon as possible," although he did not announce any additions to the government’s US$585 billion economic stimulus package. Reduced revenue and increased government spending will take the 2009 budget deficit to US$110 billion. This will rise to US$139 billion with the inclusion of local government bonds. Fiscal spending is set to hit US$1.1 trillion, up 22% year-on-year, while public spending – most of which will go toward infrastructure – will double to US$133 billion. Social welfare spending will climb 17.6%. The government’s inflation target is 4%, compared with an actual rate of 5.9% in 2008.