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China set a modest target for economic growth this year of around 5%, according to a government work report on Sunday, as the National People’s Congress (NPC) kicked-off its annual parliamentary session.
Premier Li Keqiang said that China set a government budget deficit target at 3% of GDP, widening from a goal of around 2.8% last year, and local governments are expected to issue 3.8 trillion yuan of special-purpose bonds, compared to 3.65 trillion yuan last year.
The government sets a goal to create about 12 million new urban jobs this year, up from last year’s target of 11 million, and keep the urban surveyed unemployment rate at about 5.5%, with a focus on youth employment, Li said.
In terms of digital economy, Li said China will improve the level of normalized supervision this year and support platform economic development.
The property rights and entrepreneurs’ rights and interests will be protected and the development of the private economy will be encouraged and the government will also entice foreign investment and promote the landing construction of foreign iconic projects.