China targets 5% GDP growth in Premier Li Qiang’s report

BEIJING (TVBS News) — The second session of the 14th National People's Congress in China opened on Tuesday (March 5), with Premier Li Qiang setting a gross domestic product (GDP) growth target of around 5% for this year.

During Li's first government work report, he characterized last year's accomplishments in meeting major economic and societal development targets as successful,

The conference took place at the Great Hall of the People in Beijing, and was attended by China's President Xi Jinping and other leaders.

Li indicated that last year's GDP growth was 5.2%, ranking among the top of the world's major economies.

He listed the main development goals for the year, including around 5% GDP growth, over 12 million new urban jobs, about 5.5% urban unemployment rate, a consumer price index (CPI) increase controlled within 3%, balanced international payments, a grain output surpassing 1.3 trillion catties, a unit GDP energy consumption decrease of around 2.5%, and the continuous improvement of ecological environment quality.

Li outlined in the report that this year's deficit ratio would be controlled at 3%, and the deficit size would be 4.06 trillion yuan, 180 billion yuan more than the original budget.

Beginning this year, Li stated, the plan is to issue super-long-term special national bonds for several years for major strategic and security capability construction, with the first issuance reaching 1 trillion yuan.

However, Li candidly admitted that the foundation for China's sustained economic recovery is still unstable. There's insufficient effective demand, weak societal expectations, and multiple hidden risks. He added that small and medium-sized enterprises are also having difficulties operating.

Lou Qinjian, spokesman for the second session of the 14th NPC, said no press conference would be held by Li after the congress, a tradition that will be discontinued in the coming years.

Foreign media speculate that this change is likely an indicator of the diminishing importance of the premier, who has traditionally been the highest-ranking official interacting with the media, and has also stirred investor concerns over transparency in policy-making.

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