China set a modest annual economic growth target, at above 6% this year, below the consensus estimate of 8%, according to Reuters. The growth target is conservative and seeks to return the economy to stability after disruptions by COVID-19.
The conservative growth also aims to keep an eye on the appetite for debt and risk.
China expanded 2.3% last year, the weakest in 44 years, but was the only major economy that recorded growth.
China intends to spur domestic consumption and innovation as part of a plan to reduce reliance on overseas markets and technology for long-term development.
The world’s second-biggest economy plans to boost annual research and development spending by more than 7% every year until 2025.
This year, China aims to create more than 11 million new urban jobs, up from last year’s over 9 million.
The government targets a budget deficit of around 3.2% of GDP this year, less than a goal of above 3.6% last year.
China has no plans to issue special treasury bonds this year, having issued such bonds for the first time in 2020 to support the economy.
The government has set a consumer price inflation of around 3%, up from 2.5% last year, while the urban jobless rate will be kept under 5.5%.
Chinese stocks and the yuan are currently declining. SSE Composite Index is down 0.043%, USDCNY is up 0.26%.
