China sets GDP growth target at 6-6.5% for 2019

This year is the 70th anniversary of the founding of the People’s Republic of China. It will be a crucial year for China as it endeavors to achieve the first centenary goal of building a moderately prosperous society in all respects, the report says.

Written by March 5, 2019 09:47

Beijing: China has set its GDP growth target at 6-6.5 per cent for 2019, according to a government work report available to the media ahead of the annual legislative session on Tuesday.

China aims to maintain consumer inflation level at around 3 per cent and create over 11 million new urban jobs.

The surveyed urban unemployment rate is projected to stay around 5.5 per cent, the registered urban unemployment rate within 4.5 per cent, according to the report to be delivered on Tuesday morning at the second session of the 13th National People’s Congress, China’s top legislature, Xinhua reported.

“The above projected targets are ambitious but realistic–they represent our aim of promoting high-quality development, are in keeping with the current realities of China’s development, and are aligned with the goal of completing the building of a moderately prosperous society in all respects,” the report says.

China’s economy outperformed the official 2018 goal of “around 6.5 per cent” by expanding 6.6 per cent. A range target was also set for 2016 at 6.5-7 per cent.

India’s strong economy

This year is the 70th anniversary of the founding of the People’s Republic of China. It will be a crucial year for China as it endeavors to achieve the first centenary goal of building a moderately prosperous society in all respects, the report says.

“A full analysis of developments in and outside China shows that in pursuing development this year, we will face a graver and more complicated environment as well as risks and challenges, foreseeable and otherwise, that are greater in number and size,” according to the report.

“China is still in an important period of strategic opportunity for development and has ample resilience, enormous potential, and great creativity to unleash. The longing of our people for a better life is strong. We have the unshakable will and the ability needed to prevail over difficulties and challenges of any kind, and our economic fundamentals are sound and will remain sound over the long term,” the report says.