World : China targets GDP growth of over 6 per cent in 2021

World : China targets GDP growth of over 6 per cent in 2021

BEIJING, March 5  — China aims to expand its economy by over 6 per cent in 2021, building on a strong tailwind from success in containing COVID-19, as lawmakers gather in Beijing to map out priorities for high-quality development.

The gross domestic product (GDP) target is one of the many key goals laid out in a government work report delivered by Premier Li Keqiang to the national legislature, which began its annual session Friday, reported Xinhua news agency.

“In setting this target, we have taken into account the recovery of economic activity,” Li said. “A target of over 6 per cent will enable all of us to devote full energy to promoting reform, innovation, and high-quality development.”

This year, the country aims to create more than 11 million new urban jobs, lower the deficit-to-GDP ratio to 3.2 per cent, and expand domestic demand and effective investment, which are expected to put the economy firmly back to pre-pandemic vibrancy — China’s GDP growth rate was 6 per cent in 2019.

In 2021, China will pursue high-quality development, advance supply-side structural reform, and consolidate and expand the achievements of the COVID-19 response and economic and social development, among other major tasks outlined in the report.

“These efforts will enable us to get off to a good start in the 14th Five-Year Plan (2021-2015) period and commemorate the centenary of the Communist Party of China with outstanding achievements in development,” Li said in the report, amid rounds of applause in the Great Hall of the People.

Published at Mon, 03 May 2021 15:01:00 +0000

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