Chinese Prime Minister Li Keqiang has delivered a government work report at the opening meeting of the 5th session of the 13th National People’s Congress (NPC), raising a series of projected targets for development this year, including a GDP growth target of around 5.5 percent and creation of over 11 million new urban jobs.
Xiang Dong, deputy director of the State Council Research Office, notes that because of constant impacts from COVID-19, China’s average GDP growth for the period in the past two years was slightly lower than the six-percent growth in 2019.
According to him, most major economies in the world reported two-year average growth lower than their growth in the pre-pandemic years, and China is the country that sees the smallest contraction. He explained that the 5.5-percent growth target was raised out of three major considerations.
Firstly, China needs to stabilize employment, ensure living standards and guard against risks. A 5.5-percent growth will lay a foundation for expanding employment and increasing income, and it also maintains the country’s economy within a reasonable range. Besides, the figure is able to align the two-year average growth with the targets set in the country’s 14th Five-Year Plan (2021-2025). It is science-based and reasonable, and conforms to China’s economic projection at the present stage.
In addition, the 5.5-percent growth represents medium- to high-speed growth on top of a high economic base and mirrors China’s active efforts. To increase China’s 2021 GDP of 114.4 trillion yuan ($18.11 trillion) by 5.5 percent is equivalent to realizing a 7.4-percent growth five years ago.
