China aims to achieve a faster economic growth of around 5 percent with better quality of development in 2023, as the world's second-largest economy gathers pace to build up recovery momentum and push ahead with its modernization drive.
The projected target, higher than the 3 percent gross domestic product growth last year, is one of the key objectives for development laid out in the government work report delivered by Premier Li Keqiang to the national legislature, which began its annual session on Sunday.
The world is closely watching for new policy moves on China's development, as national lawmakers and political advisors convene for the first annual gathering since the 20th National Congress of the Communist Party of China in October last year. Meanwhile, the country's quick recovery from COVID-19 has raised hopes for wider growth globally, adding to the significance of the event.
China's economy is staging a steady recovery, with marked improvement in consumer demand, market distribution, industrial production and business expectations, the premier said, noting that the economy is demonstrating vast potential and momentum for further growth.
While acknowledging past achievements, Li cautioned on difficulties and challenges facing the economy, including uncertainties in the external environment, insufficient domestic demand, and hidden dangers in the property market.
It is important to "give priority to ensuring stable growth, employment and prices" this year, Li told lawmakers.
This year, China aims to create around 12 million new urban jobs, with a surveyed urban unemployment rate of around 5.5 percent, according to the government work report. Other annual objectives include keeping the consumer price index increase at around 3 percent and grain output above 650 million tons.
The government work report unveiled a raft of measures to shore up growth this year. They include a projected deficit-to-GDP ratio of 3 percent, 0.2 percentage points higher than the level last year, and 3.8 trillion yuan (US$550 billion) of special-purpose bonds to be allocated to local governments.
The report also called for making the prudent monetary policy targeted and forceful, noting that the M2 money supply and aggregate financing should increase generally in step with nominal economic growth to support the real economy.
To expand domestic demand, China will prioritize the recovery and expansion of consumption, it said, noting that the incomes of urban and rural residents will be boosted through multiple channels.
