China’s economic growth rate target has been set at 6.5 to 7 percent in 2016, with an average annual growth rate of at least 6.5 percent through 2020, Premier Li Keqiang said Saturday when presenting the government work report to the annual parliamentary session.
Last year’s target was “around 7 percent,” and China registered 6.9 percent growth, the slowest expansion in a quarter of a century.
This year’s target is aligned with China’s goal of completing the building of a moderately prosperous society in all respects, and takes into consideration the need to advance structural reform, Li said at the fourth session of the 12th National People’s Congress (NPC).
“It will also help guide market expectations and keep them stable. The aim of maintaining stable growth is primarily to ensure employment and promote the people’s wellbeing, and a growth rate of between 6.5 percent and 7 percent will allow for relatively full employment,” Li said.
The country’s urban job creation target remains at least 10 million. Last year’s 6.9-percent growth added 13.12 million new urban jobs.
-more at Xinhua