5.5% growth to see output close to mid-size economy: Chinese Premier

14 Mar '22

2 min read

Pic: Shutterstock

A rise of around 5.5 per cent on the basis of over 110-trillion-yuan ($17.4 trillion) GDP in China today would generate the amount of output equivalent to the size of a medium economy, according to Chinese Premier Li Keqiang, who recently said from a worldwide perspective, it is a hard problem for such a big economy to maintain medium-high growth.

Li was addressing a press conference after the closing of the fifth session of the 13th National People's Congress.

China accomplished major goals and tasks on economic and social development last year, laying a solid foundation for this year, he was quoted as saying by official Chinese media.

The economy faces new downward pressure and challenges this year. To achieve the growth target, the country needs relevant supporting fiscal policies, he said.

China set its economic growth target at around 5.5 per cent for this calendar year. This year, it aims to create over 11 million urban jobs, keep a surveyed urban unemployment rate of no more than 5.5 per cent, and lower the ratio of its deficit to gross domestic product (GDP) at around 2.8 per cent.

The Chinese economy saw a strong rebound with 8.1-per cent growth in 2021 and became the only major economy to record growth in 2020.

Fibre2Fashion News Desk (DS)

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