BEIJING, March 5. /TASS/. China has set a 5% GDP growth target for 2023, while the defense budget is expected to grow at a 7.2% rate, according to the country's government report released on Sunday at the start of the 14th National People's Congress (NPC, the country's parliament).
Economic guidelines
The Chinese government anticipates that the consumer price index, the main indicator of inflation, will rise by 3% in 2023. Urban unemployment will reach 5.5%, with the government creating 12 mln new jobs.
This year, the authorities intend to maintain a balanced yuan exchange rate, fights serious financial and economic risks, and promote the rapid development of a modern manufacturing system.
The International Monetary Fund (IMF) forecasted that China's economy will expand by 5.2% this year. In 2022, China's GDP increased by only 3% due to a global economic slowdown and the negative consequences of the Ukrainian crisis, a global imbalance in the supply and demand for food and energy resources, high inflation, and increased protectionism around the world, the report said.
China's inflation rate in 2022 reached 2%. Over the previous year, the country's authorities created approximately 12.06 mln new jobs in the country's cities, exceeding the target figure of 11 mln.
Growing defense budget
According to Chinese officials, defense spending will rise by 7.2% in 2023. The military budget has been increased to 1.553 trillion yuan (around $224.85 bln) for 2023. At the same time, in dollar terms, this figure is 1.8% lower than the previous year's value.
China plans to speed up the modernization program of the People's Liberation Army and strengthen combat training for troops this year, according to the report.
Independent foreign policy
According to the government report, China intends to pursue an independent and peaceful foreign policy. China wishes to expand its friendship and cooperation with all countries. The country will stick to its strategy of opening up to the outside world, promoting world peace, contributing to global development, and defending the international order, the document said.
The reported also mentioned that geopolitical conflicts and "big power games" have increased global political and economic risks in the international arena.
According to Chinese officials, the world is currently facing acute problems related to ensuring food and energy security, as well as the operation of global production and supply chains. Furthermore, the cumulative effect of developed countries' tight financial policies aimed at reducing inflation is noticeable.
Taiwan policy
Beijing will promote the development of relations and the process of peaceful reunification with Taiwan and will oppose the notion of "Taiwan independence", according to the government's report,
Furthermore, the Chinese authorities intend to maintain the "One country, two systems" policy in relation to Hong Kong and Macao, China’s special administrative regions with a high degree of self-government.