Amidst economic slowdown and a downturn in business sentiment, China has established a conservative official growth target of approximately five percent for the current year.
Premier Li Qiang, delivering his work report at the National People’s Congress (NPC), pledged to generate 12 million jobs, striving to maintain the surveyed urban unemployment rate at around 5.5 percent.
The week-long NPC session, attended by President Xi Jinping and over two thousand delegates, concentrates on vital initiatives to fortify the second-largest economy following the post-COVID-19 deceleration.
Premier Li detailed the continuation of a proactive fiscal policy and a cautious monetary policy, setting the deficit-to-GDP ratio at three percent.
Anticipating a rise in the government deficit by 180B yuan ($26B) from the 2023 budget figure, despite concerns in the market, diminished investor confidence, a property market downturn, and sluggish progress in the private sector, China exceeded its official target with a 5.2 percent GDP growth last year.
Addressing apprehensions, Li remarked on the country’s smooth transition in epidemic response after a decisive triumph over COVID-19.
He underscored the achievement of primary goals and tasks for economic and social development in 2023, highlighting consistent progress in high-quality development and overall social stability towards constructing a modern socialist country, according to Free Press Journal.
“Growing by 5.2 percent, China’s gross domestic product (GDP) surpassed 126T yuan (about $18T), positioning the country among the world’s fastest-growing major economies,” he asserted. Additionally, he reported a substantial increase of 12.44 million urban jobs and a surveyed urban unemployment rate averaging 5.2 percent.
Premier Li Commends Collective Efforts and Vision for China’s Progress
Premier Li reflected on 2023, acknowledging China’s economic growth amid diverse challenges and emphasizing notable accomplishments in the face of adversity.
The global economic revival posed challenges, with heightened geopolitical conflicts, increased protectionism, and unilateralism affecting the development of China.
Domestically, the prolonged impact of the three-year COVID-19 pandemic presented unresolved challenges for China’s economic recovery, exacerbating deep-seated issues and emerging problems.
Despite the hurdles, Premier Li credited the nation’s collective efforts for achievements, commending President Xi Jinping’s leadership for positive changes and valuable experiences gained in overcoming significant challenges.
Emphasizing the courage, vision, and strength of the Chinese people, Li expressed confidence in China’s ongoing progress under the leadership of the CPC Central Committee with Comrade Xi Jinping at its core.
The annual sessions of the National People’s Congress (NPC) and the Chinese People’s Political Consultative Conference (CPPCC) in Beijing brought together thousands of delegates to address legislative agendas. Premier Li succeeded the late Premier Li Keqiang last year.
(Finance World and The Free Press Journal have published the article under a mutual content partnership arrangement.)
