China's economic goals unveiled

China's economic goals unveiled

5 March 2015, 10:49
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Addressing the National People's Congress (NPC), Premier Li Keqiang said China would target growth of about 7% in 2015 and pledged tighter environmental controls.

Opening parliament's annual session, Mr Li specified that with traditional drivers of growth weakening, more structural reform was needed going forward.

He said environmental laws would be strictly enforced, as he described pollution as a "blight" on quality of life. 

Announcing the annual growth target, Mr Li said China had to "maintain a proper balance between ensuring steady growth and making structural adjustments".

The 7% figure is lower than the 7.5% set last year - a target that was missed as China grew at its slowest pace in 24 years. China's leaders are now advocating a "new normal" of slower expansion, after years of rapid growth.

The world's second largest economy is attempting to move from an export-led growth model fuelled by government investment to the one driven by higher domestic consumption and a larger services sector.

"Deep-seated problems in the country's economic development are becoming more obvious," Mr Lisaid quoted by BBC.

"The difficulties we are facing this year could be bigger than last year. The new year is a crucial year for deepening all-round reforms."

China intends to create more than 10 million new urban jobs in 2015 and maintain an unemployment rate of 4.5%. Job creation is considered as vital to providing employment for the millions of new graduates who emerge on to the job market each year.

Some 3,000 legislators from across China convene for the annual legislative session at Beijing's Great Hall of the People. The NPC is usually described as the "supreme organ of state power". It has the power to enact and amend legislation. In practice, it is generally considered a rubber stamp for the ruling Communist Party.

The premier's work report traditionally opens the session, which ends on 15 March.

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