China set its annual GDP growth rate target for 2017 at around 6.5 percent, CNBC cited Premier Li Keqiang as saying in remarks prepared for delivery at the opening session of the National People’s Congress on Sunday.
The government also set the growth target for the consumer price index, the inflation indicator, for this year at around 3 percent, said CNBC.
The GDP growth will be around 6.5 percent while better results would be pursued in actual work; CPI increase will be kept at around 3 percent; there will be 11 million new jobs in cities and towns with unemployment rate kept within 4.5 percent; exports will stabilize and then gain momentum, according to Premier Li Keqiang’s remarks on goals for 2017, based on live television of Li's delivery of government work report by china.com.cn.
Premier Li noted the target of steady growth is aimed at bringing more new jobs and let people enjoy benefits of economic growth.
“(We should) stick to the strategy of employment as priority, and implement more proactive measures to stimulate employment,” Li said.
The 2017 economic growth target is slightly lower than the actual GDP growth rate of 6.7% in the previous year, showing the government’s determination to improve the efficiency of its economy rather than focusing on a pure boost in the growth rate.
Overall, China’s economy has entered the phase of a slower but stable growth, while maintaining a better momentum, according to a central economic work conference held late last year, which said the economic growth should stay in a reasonable range, and the quality and effectiveness should be improved.
China’s GDP growth rate was 7.3%, 6.9%, and 6.7% in 2014, 2015 and 2016 respectively, according to data from the statistics bureau.