China has set itself a GDP target of 7.5% for 2013, which would be below last year's 7.8%. At...

|By:, SA News Editor

China has set itself a GDP target of 7.5% for 2013, which would be below last year's 7.8%. At the opening of the annual National People's Congress, the finance ministry said it plans to increase the country's budget deficit to 1.2T yuan (192.8B), or about 2% of GDP from 1.6% in 2012. Much of the increased spending will go on social programs such as health, education and the environment as China looks to shift the focus of its economy towards the consumer and away from exports and infrastructure.