China sets GDP growth target at around 6.5pc

Beijing : China has set its GDP growth target at around 6.5 per cent for 2018, unchanged from that for 2017, according to a government work report released Monday.

Given China’s economic fundamentals and capacity for job creation, GDP growth of around 6.5pc will enable China to achieve relatively full employment, according to the report delivered by Premier Li Keqiang Monday morning at the first session of the 13th National People’s Congress, China’s top legislature.

China aims to maintain inflation level at around 3pc and create over 11 million new urban jobs. The surveyed urban unemployment rate is projected to stay within 5.5pc, the registered urban jobless rate within 4.5pc, the report showed.

The above targets take into consideration the need to secure a decisive victory in building a moderately prosperous society in all respects, and are fitting given the fact that China’s economy is transitioning from a phase of rapid growth to a stage of high-quality development, Li said.

“We will strongly promote high-quality development,” said Premier Li.

Today, China’s material and technological foundations are much stronger; its industrial system is complete, its market is vast, its human resources are abundant, and its entrepreneurs and innovators are dynamic, Li pointed out.

“We enjoy composite advantages, and all this means that we have the ability and the conditions to achieve higher quality, more efficient, fairer, and more sustainable development,” Li added.

The country will completely open up its general manufacturing sector to foreign investors this year. Meanwhile, access to sectors like telecommunications, medical services, education, elderly care and new energy vehicles will also be expanded for foreign investment, according to Li.

To encourage imports, China will host the first China International Import Expo this year and lower import tariffs on products including automobiles and some everyday consumer goods, said Li. (Xinhua)