The Chinese government has set the consumer price inflation at around 3 per cent and its budget deficit goal at 3.2 per cent of GDP. Photograph:( Reuters )
Last year, China had recorded 6.6 per cent growth, the lowest in three decades amid the COVID-19 pandemic and rising tensions with the US, including over Taiwan.
Chinese premier Li Keqiang said that the country needs to strike a balance between growth, income, and employment in order to pursue economic growth.
Li Keqiang, while addressing business executives, once again asserted that China’s economic growth in 2021 could exceed the target of “above 6 per cent”. Keqiang said that growth cannot be based on "high energy consumption and heavy pollution" while boosting domestic demand and consumption.
During the legislative meeting earlier this month, the Chinese premier had said the target of over six per cent "also dovetails with future goals".
Li Keqiang had earlier defended more than 6 per cent economic growth target this year as not being low. "We did not ease policies last year, nor do so-called quantitative easing, and there is also no need for a 'sharp turn' this year," Li had said while informing that the government had targeted the creation of more than 11 million urban jobs.
"In generating jobs, we have to let the market play a critical role, which is protecting jobs by supporting market entities," he said.
The Chinese government has set the consumer price inflation at around 3 per cent and its budget deficit goal at 3.2 per cent of GDP.
China last year had recorded 2.3 per cent growth which was the lowest in three decades amid the COVID-19 pandemic and rising tensions with the US including Taiwan.
In its five year plan, China has set its five-year plan for 2021-2025 to transform the economy and to increase domestic consumption and develop home-grown technology.