The leadership of the world’s second largest economy has issued its growth plan for the next five years, underscoring its commitment to restructuring and layoffs in traditional heavy industry and job stimulus in the service sector.
China's defense budget is once again thrust into the spotlight as delegates to its largely rubber-stamp parliament gather for their annual meeting. There are signs that Beijing’s military spending will continue to rise.
China has announced a trillion yuan military budget for the coming year at the annual National People's Congress. The move is "to make up for low military spending in the past," according to an official.
Multiple international organizations have expressed concerns about China's ballooning debt levels and warned the Asian giant could face a full-blown financial crisis should there be no action to counter the problem.
China is set to create new ministries and merge the banking and insurance regulators in the biggest revamp of its cabinet in years. It's another move to streamline administration and curb financial risks.
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