jobs

China aims to expand its economy by around 6.5 percent in 2017, Chinese Premier Li Keqiang said in his government work report on Sunday, but vowed that the country will pursue better results in actual economic work.

jobsIn the annual government work report delivered at the opening meeting of the annual session of the National People’s Congress (NPC), China’s top legislature, Li also promised to keep the 2017 increase of CPI, a main gauge of inflation, at around 3 percent.

More than 11 million urban jobs will be created, and the registered urban unemployment rate will be kept within 4.5 percent, the report said, adding that another 10 million impoverished people in rural areas will be lifted out of poverty.

The country will also strive for a recovery of exports and imports, a balance of payment, a parallel growth of resident income and economic growth, the premier pledged.

China also plans to cut its energy consumption per unit of GDP by at least 3.4 percent, and lower the emission of key pollutants to ensure a cleaner sky.

The target China sets is realistic and objective, Li stressed, pointing out that it will help steer and steady expectations and restructure economy.

Last year, China posted GDP growth at 6.7 percent year-on-year to 74.41 trillion yuan. Though the number was lowest in 26 years since 1991, it dwarfed other major economies of the world . It contributed over 30 percent to world economic expansion.

“One important reason behind the decision to stabilize growth is to ensure employment and improve people’s livelihood,” the premier underlined.

China registered a better-than-expected employment last year by creating 13.14 million new jobs for urban residents. The registered unemployment rate in Chinese cities stood at 4.02 percent at the end of 2016, a record low in years.

This year’s target for urban job creation means an 11 million increase compared with last year, but Li explained that it underlined China’s greater emphasis on employment.

The premier reassured China can achieve this goal with efforts based on current economic fundamentals and absorption capacity of the market.

The UN, in its previously released 2017 report of World Economic Situation and Prospects, said that Chinese economy is projected to grow by 6.5 percent in 2017 and 2018.

The growth is supported by strong domestic demand and effective fiscal policies, the report said, adding that the stable growth China secured in 2016 eased the worries of outside world over its dramatic slowdown in short run.

By Wan Yu from People’s Daily/NewsGhana.com.gh

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