China sets lowest growth target in decades as consumption lags

Beijing also used its showpiece annual political gathering to announce a seven percent increase in its defence budget, the second largest in the world, in line with previous years as it looks to counter the United States and enforce its claims over Taiwan and the South China Sea. China is the world's second-largest economy and accounts for a third of global growth, but it faces serious structural imbalances and US trade pressures despite sustaining strong exports. "The achievements of the past year were hard-won," Premier Li Qiang said...