China sets conservative GDP goal, to boost spending.

China has given itself a GDP growth 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 as China looks to shift the focus of its economy towards the consumer and away from exports and infrastructure