Chinese Prime Minister Li Keqiang announced on Friday that the world's second-largest economy would target Gross Domestic Product (GDP) growth of more than 6% by 2021.
On the first day of the annual parliamentary session of the National People's Congress (NPC), Li presented his working report on fiscal estimates 2021, economic and industrial importance for this year, as well as development plans for the next five and 15 years.
Li said the country predicts an unemployment rate growth of around 5.5% and more than 11 million new job creation. Beijing is also targeting a 3% increase in the consumer price index which is a measure of inflation.
China reported 2.3% growth last year as the only major economy to grow amid a coronavirus pandemic crisis.
Meanwhile, in a separately released five-year plan, China eliminated its GDP growth target for 2021-2025, in contrast to the 6.5% set for the 2016-2025 plan, but kept the average annual growth for the next five years within a ‘reasonable’ range .
Also a focus in the annual NPC meeting or also known as ‘Two Sessions’, is a change in the Hong Kong administration. Congress will review proposals to overhaul the electoral system.
Although details of the proposal have not yet been announced, the move may limit the ability of Hong Kong's political opposition to win the post.
