China set a moderate target for this year’s economic growth of around 5% on Sunday as it kicked off the annual session of the National People’s Congress (NPC), which is poised to implement the biggest government shakeup in a decade.
The economy presented one of the weakest performances in the past decade, when the gross domestic product (GDP) grew by only 3%, suppressed by three years of COVID control, the crisis in the extensive property sector and a crackdown on private companies.
In his work report, Premier Li Keqiang stressed the need for economic stability and increased consumption, setting a target of creating about 12 million urban jobs this year, from last year’s target of at least 11 million, and warned that risks remain in the real estate sector.
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Source: Reuters
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