Daily Memo: China’s Economy, Belarus’ Orientation, Iran’s Military

All the news worth knowing today.

GPF Staff |March 5, 2019

China’s economic outlook. Chinese Premier Li Keqiang laid out the government’s 2019 economic plans to the National People’s Congress on Monday. The growth target for this year has been reduced to 6-6.5 percent while the budget deficit is expected to reach $411.6 billion, or 2.8 percent of gross domestic product. The country’s defense budget will grow by 7.5 percent, reaching $177.6 billion, according to Xinhua. Cuts in the value-added tax were made across various business sectors including construction, manufacturing, electricity and communications. Local governments will be allowed to issue $320 billion worth of special purpose bonds, which are not counted as government debt. All of these figures point to an expectation of continued strain on the Chinese economy, only a small part of which results from U.S. trade measures. While Beijing is still in trade talks with Washington, it is also introducing measures to increase lending, shift to “high quality jobs” over gross empl

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