History shows that heavy spending on armaments may reduce rather than increase stability. Still, the two goals align nicely for delegates at China’s annual National People’s Congress. Within Chinese business, this will create winners among defence companies and losers across many other sectors.
Chinese premier Li Keqiang mentioned the word “stability” 33 times in his government report summarising China’s key policies. Political conformity aside, that points to slowing growth and steadier prices and employment. Among top keywords, “reform” and “opening up” had the fewest mentions.
Meanwhile, China will increase military spending by more than 7 per cent this year, the biggest jump in recent years, as it warned of increasing threats.
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