Over 6% Growth This Year, Consumer Prices and Unemployment Rate Managed Around 3% and 5.5% Respectively
Priority Support for Construction Infrastructure Projects... 5-6% Growth During the 14th Five-Year Plan Period
[Asia Economy Beijing=Special Correspondent Jo Young-shin] The Chinese economic media Caixin reported that the Chinese government has set its economic growth target again this year. It also reported that the Chinese economy is normalizing, with employment recovering to pre-COVID-19 levels.
Caixin announced that on the morning of the 5th, at the '4th Annual Session of the 13th National People's Congress (NPC)' held at the Great Hall of the People in Beijing, Chinese Premier Li Keqiang publicly set this year's economic growth target at over 6%.
Caixin explained that Premier Li presented economic targets including a GDP growth of over 6%, an urban unemployment rate within 5.5%, consumer price inflation around 3%, and the creation of more than 11 million new urban jobs.
Caixin added that due to uncertainties related to COVID-19 and other epidemics, no one expected the Chinese government to disclose its targets. It also noted forecasts that the Chinese economy could grow more than 8%, or even over 9%, this year due to base effects.
Regarding this, Caixin analyzed that it reflects the Chinese leadership's intention to maintain policy continuity, stability, and sustainability.
Concerning employment, it reported that it is expected to recover to pre-pandemic levels. Although China's urban and rural unemployment rate surged to 6.2% in February last year due to the COVID-19 outbreak, it recovered to normal levels in the fourth quarter of last year.
The Chinese government prioritizes supporting infrastructure projects under construction by local governments as part of economic revitalization. To this end, it plans to simplify the investment approval procedures for major infrastructure projects such as transportation, energy, and water resource management.
It also intends to further activate private participation by removing various barriers that hinder private investment.
Ryu Seujin, Deputy Director of the Economic Committee of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), said, "During the 14th Five-Year Plan period, China will maintain a growth rate of 5-6%. Unlike other Western developed countries, the Chinese economy has internal growth momentum."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
