Foreign investors will have wider access to sectors like telecommunications, medical services, education, elderly care and new energy vehicles, said Li when delivering a government work report to the first session of the 13th National People's Congress.
"If we take a look at the share of China's defense budget in China's GDP or national fiscal spending and in per capita terms, China's defense input is still smaller than most developing countries", he said, according to the Financial Times.
Xu Qiliang, a vice chairman of the Central Military Commission, which runs the armed forces and which Xi heads, told military delegates to parliament that China needs to "fully strengthen troop training and war preparedness and raise the ability to win", the official Xinhua News Agency said late Monday.
Amid concerns about a spiralling trade war with the United States, Mr. Li said China's national security environment was undergoing fundamental changes.
While China is aiming for a narrower official deficit, leaders still plan to expand the issuance of special goal bonds, which are sold by local governments to finance items that aren't included in the general public budget and not counted in the deficit ratio released annually.
"China now accounts for 15 percent of the world's economy, an increase from just more than 11 percent five years ago", he said.
The Australian also points out that China's actual military spending could be considerably higher than the figures announced to the public.
"There is every indication that China wants to expand what it will call defence capabilities in the South China Sea".
The CPC-led system of multiparty cooperation and political consultation stresses both the CPC leadership and socialist democracy which features political consultation, participation in the deliberation of state affairs, and democratic supervision, he said. "As a result, I believe China would try to lower the cost of military spending by integrating existing technologies", he said.
Militants launched 272 projectiles at Damascus over past 10 days - Russian military
A boy stands on the rubble of a damaged building at the besieged town of Douma, Eastern Ghouta, Damascus , Syria March 5, 2018. Turkey sent troops into the Afrin enclave on January 20 to drive out Syrian Kurdish fighters it considers to be terrorists.
American opioid overdoses up 30 percent in a year
But Delaware, Illinois, Pennsylvania and Wisconsin all saw increases of 50 percent or more in opioid overdose emergency visits. It recorded 142,000 overdoses in U.S. hospital emergency departments between July 2016 and September 2017.
Emma Watson debuts huge Time's Up tattoo - complete with error
Others were simply heartbroken that their favorite feminist icon failed to get the message written correctly. Want more celebrity, entertainment and lifestyle news?
Diplomats say China's defense numbers probably underestimate true military spending for the People's Liberation Army, the world's largest armed forces, which are in the midst of an impressive modernisation program overseen by Xi.
"China's annual defense budget continues to follow a similar trend like the previous two years, when growth held steady around 7 percent".
"The country has seen its maritime interests being increasingly infringed upon in recent years, and thus seeking a stronger military is natural for it to safeguard its interests and counter any threat that may materialize from the aggressive posturing of others upset by its rise".
The United States operates 10 and plans to build two more.
The proposal, part of Trump's budget request for the US government, would provide the Pentagon $617-billion and an additional $69-billion to fund ongoing wars in fiscal year 2019.
Perhaps the most relevant comparison of military budgets is between China and its rival India.
All three fleets are growing "leaner and meaner" due to a greater emphasis on technical sophistication, Erickson wrote, adding that the United States also anticipates facing a Chinese submarine fleet twice its number, though less technologically advanced.
"The projected growth rate reflects China's position of not over-emphasizing speed but stressing improvements in the quality and effect of development, according to another report from the country's top economic planner".