China has a third largest economy throughout the world. For the year 2010 China announced the goal to achieve 8% GDP growth. China announced 8 percent target because it will aim to achieve following aspect:
- to quality of growth
- to transformation of economic growth pattern
- to adjustment of economic structure
In previous year, china made a 8.7 percent growth and now China has made a goal to improve the quality of growth and economic restructuring in an effort to help the economy. In his current budget, China allocated $77 billion dollar for the defense sector. This is almost double as that of India and lesser than U.S.
According to Wen Jiabo, China is the fist country in the world that showed a fast recovery from global economic slowdown in 2008. It is all because of the $586 billion stimulus package announced last year. He also announced that consumption played a much bigger role in fuelling economic growth and China will continue his fight against the financial crisis while maintaining a stable and fast economic growth.