China premier Li Qiang says achieving 5% growth target 'no easy task'

China's new premier Li Qiang on Monday sought to reassure the nation's private sector, saying that the environment for entrepreneurial businesses will improve and equal treatment will be given to companies, regardless of ownership type. Tasked with reviving the world's second-largest economy, the newly installed premier faces multiple challenges including weak consumer and private industry confidence, sluggish exports demand and a souring relationship with the United States.

Speaking to the media at his debut press conference as the China premier, Qiang said that the country will also undertake measures to boost jobs, and for that, he said "developing the economy is the fundamental solution".

Watch |Xi Jinping handed unprecedented third term as China’s president

Add WION as a Preferred Source

China's economy is in the doldrums. Last year the nation's economy grew by just three per cent, thetarget as per AFP was around 5.5 per cent. Due to the impact of strict Covid policies and a property crisis, China missed the goal by a huge margin.

Keeping with that, this year's GDP growth target is a conservative five per cent. However, China Premier Li Qiang says that with the nation facing many difficulties, achieving this target would not be easy.

Notably, the set target is one of the lowest in decades.

"I'm afraid that reaching our growth target of around five per cent will be no easy task, and will require that we redouble our efforts," said the China premier at a press conference held to mark the closing of the National People's Congress (NPC).

Li is a close ally and longtime confidant of China's President Xi Jinping and was appointed to the nation's second most powerful post last week during the annual session of Beijing's "rubber-stamp" parliament.

Speaking at the closing session of the CCP session, Xi Jinping called for greater self-reliance and said China needs security to develop. He also stressed on the importance of modernising the armed forces to make it into a "Great Wall of Steel".

"Security is the foundation for development, stability is the prerequisite for prosperity," said Xi.

(With inputs from agencies)

WATCH WION LIVE HERE

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.