bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

sponsorType

urlAlias

moreOnThisArticles

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

China has set its economic growth target for this year at around 7 percent, the lowest in more than a decade, as it seeks to focus on quality rather than quantity while tackling a range of challenges from a widening income gap to pollution and corruption.
“China’s economic development has entered a new normal,” Premier Li Keqiang told the opening of the annual meeting of the National People’s Congress in Beijing.
“Our country is in a crucial period during which challenges need to be overcome and problems need to be resolved,” Li told the 3,000 delegates gathered at the Great Hall of the People.
 “Systematic, institutional and structural problems have become ’tigers in the road’ holding up development,” Li added.

The highlights of his speech, along with summaries of reports from government agencies such as finance and national development and reform:
- Economic growth target set at around 7 per cent
- Military defence spending to grow by 10.1 per cent, the lowest in five years
- Consumer price inflation target put at around 3 per cent
- Budget deficit for 2015 set at 2.3 per cent of GDP
- China aims to create 10 million new jobs in 2015
- To ensure urban unemployment rate does not exceed 4.5 per cent this year
- To improve local government debt-raising mechanism
- To deepen reforms of state-owned enterprises
- To implement proactive fiscal, prudent monetary policies
- To cut carbon intensity or usage by at least 3.1 per cent
- Will push forward interest rate reforms
- Will push fiscal, price reforms
- Will flexibly use monetary policy tools to keep credit growth stable
- Says zero tolerance stance on corruption is here to stay
On the 7 per cent economic target, Li said that it would ensure “ample employment” this year. It is in line with the government’s plans to guide the world’s second-largest economy to more sustainable and quality growth.
Last year’s target was 7.5 per cent, but actual growth came in at 7.4 per cent.
The 7.4 per cent is the lowest since 1990 when the mainland was hit by sanctions after the Tiananmen Square crackdown. The significance of the growth target is about maintaining social stability and creating enough jobs to keep at bay urban unemployment.
At a Politburo meeting chaired by President Xi Jinping to prepare Li's report earlier this month, leaders in Beijing said they would rebalance the economy to rely more on innovation and entrepreneurship.
Li said of the 7 per cent goal: “This target is both aligned with our goal of finishing building a moderately prosperous society in all respects and is appropriate in terms of the need to grow and upgrade our economy.”
On defence, Li said that China’s national defence budget will grow 10.1 percent in 2015, the lowest increase in five years. Beijing plans to raise its military spending to 886.9 billion yuan (US$141.4 billion), according to the work report.
It is the lowest increase since 2010, when according to reports the rise was 7.5 percent. China’s defence budget saw stated increases of 10.7 percent in 2013, 11.2 percent in 2012 and 12.7 percent in 2011.
“Building a solid national defense and strong armed forces is fundamental to safeguarding China’s sovereignty, security and development interests,” Li said.
Looking at China’s prospects in the year ahead, Li said:  "The difficulties we are to encounter in the year ahead may be even more formidable than those of last year.”


How foreign media engages Beijing, and vice versa, at Li Keqiang's press conference

Encouraging entrepreneurship is key to meeting China's challenges

China still a developing nation, says Premier Li Keqiang as he signals country's plan to focus inwards

At Chinese Premier Li Keqiang's presser, eager reporters stop playing by the rules

China Parliamentary Sessions 2015

China targets 7pc economic growth this year; military spending to rise 10.1 pc

The third session of China's 12th National People's Congress (NPC) opens at the Great Hall of the People on March 5, 2015. Photo: Simon Song

Representatives from the PLA march towards the Great People's Hall ahead of Li Keqiang's speech. Photo: SCMP

News

China

China has set its economic growth target for this year set at around 7 percent, the lowest in more than a decade, as it seeks to focus on quality rather than quantity.


.css-sioo19{color:#c79a00;}Update | China targets 7pc economic growth this year; military spending to rise 10.1 pc

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}China has set its economic growth target for this year set at around 7 percent, the lowest in more than a decade, as it seeks to focus on quality rather than quantity.

Update | China targets 7pc economic growth this year; military spending to rise 10.1 pc

China has set its economic growth target for this year set at around 7 percent, the lowest in more than a decade, as it seeks to focus on quality rather than quantity.