China sets modest growth target of about 5% as parliament opens
China set a modest target for economic growth this year of around 5% on Sunday as it kicked off the annual session of its National People's Congress (NPC), which is poised to implement the biggest government shake-up in a decade.
China's gross domestic product (GDP) grew by just 3% last year, one of its worst showings in decades, squeezed by three years of Covid-19 restrictions, the crisis in its vast property sector, a crackdown on private enterprise and weakening demand for Chinese exports.
In his work report, outgoing Premier Li Keqiang stressed the need for economic stability and expanding consumption, setting a goal to create around 12 million urban jobs this year, up from last year's target of at least 11 million, and warned that risks remain in the real estate sector. Li set a budget deficit target at 3.0% of GDP, widening from a goal of around 2.8% last year.
On Taiwan, Li struck a moderate tone, saying China should promote the peaceful development of cross-Strait relations and advance the process of China's "peaceful reunification," but also take resolute steps to oppose Taiwan's independence.
The NPC opened on a smoggy day amid tight security in the Chinese capital, with 2,948 delegates gathered in the cavernous Great Hall of the People on the west side of Tiananmen Square.
Reuters
