China parliament convenes, sets 2015 growth target at 7%

The third session of China’s 12th National People’s Congress (NPC) opens at the Great Hall of the People in Beijing, capital of China, March 5, 2015 [Xinhua]

China has set this year’s growth target at 7 per cent, Chinese Premier Li Keqiang announced on Thursday at the opening session of China’s Parliament.

The growth rate is “both aligned with our goal of finishing building a moderately prosperous society in all respects and is appropriate in terms of the need to grow and upgrade our economy”, said Li.

The Chinese Premier also warned of “formidable difficulty” in 2015 but stressed his confidence in the ongoing reform to start new development engines.

The annual government work report, delivered by Li at the opening meeting of the NPC annual session, set this year’s economic growth target at 7 per cent, lower than last year’s target and the 7.4-per cent actual growth in 2014.

The National People’s Congress (NPC), China’s parliament is the most powerful organ of state.

China’s foreign trade volume will grow by about 6 per cent this year, Li said.

China’s foreign trade volume grew by 3.4 per cent in 2014, which was lower than the target figure. Li said China plans to sign free trade zone agreements with South Korea and Australia as soon as possible and wants to accelerate free trade zone talks with Japan.

The difficulties China is to face in 2015 may be “even more formidable” than last year, with downward pressure on the economy building up and deep-seated problems in development surfacing, said Li.

“Let us rally closely around the Party Central Committee with Comrade Xi Jinping as General Secretary, hold high the great banner of socialism with Chinese characteristics, and work together to break new ground,” the government report submitted to the parliament concludes.

Nearly 3000 delegates elected by China’s provinces, autonomous regions, municipalities and the armed forces attended the meet.

The meeting was presided over by Zhang Dejiang, chairman of the National People’s Congress (NPC) Standing Committee.

 

TBP and Agencies