China worries that "deglobalization" will hamper the country's growth. (Photo : Getty Images)
Premier Li Keqiang presented the annual work plan of the Communist Party for 2016 and reported that the country experienced 6.7 percent growth that was high but still below China's annual GDP target.
He also said that even at below target, China is still the fastest growing country in the world.
"GDP reached 74.4 trillion yuan, representing 6.7 percent growth, and seeing China outpace most other economies," he read from the report.
The premier highlighted the importance of globalization. China will be challenged by deglobalization and protectionism.
He said, "World economic growth remains sluggish, and both the deglobalization trend and protectionism are growing."
"There are many uncertainties about the direction of the major economies' policies and their spillover effects, and the factors that could cause instability and uncertainty are visibly increasing," he added.
The premier is referring to the protectionist approaches that are now being employed by U.S. President Donald Trump and Britain.
Li said, "China is a responsible country."
"We have always striven to honor the commitments we have made, and we will firmly defend our due rights and interests," he added.
The premier is referring to gearing up for the fight for the South China Sea, which the country is owning and is facing multiple protests from Taiwan, Vietnam, Indonesia and the Philippines.
China also wants to develop the army and spend more on security. The budget for 2017 has just been topped off by a 7 percent increase.
Professor Bates Gill, from the Australian National University, said, "They're starting again from a very low base in terms of it being a naval power."
"So we ought to expect that we will see the bulk of the major investment for Chinese military modernization to be in its navy and from a Chinese perspective that's absolutely necessary," the expert noted.
