BEIJING (Reuters) – China reversed its annual economic growth target, setting it at above 6%, and promised to create more jobs in cities than last year, with the emergence of the second largest economy in the world from a year affected by the effects of COVID19 anxiety.
In 2020, China lowered its overall domestic product growth target in a major human labor report for the first time since 2002 after the pandemic devastated its economy.
“As an overall target, China’s growth rate has been set at over 6% for this year,” Premier Li Keqiang said in his 2021 performance report. “In setting this target, we have taken into account regaining economic activity. ”
China’s GDP expanded 2.3% last year, the only major economy that saw growth.
China will aim to create more than 11 million new urban jobs, Li said in his report delivered at the opening of this year’s parliamentary meeting. That’s up from a target of more than 9 million new urban jobs last year, and according to recent years.
In line with a growing economy, the government is targeting a 2021 budget deficit of around 3.2% of GDP, less than a target above 3.6% last year.
The quota on the issuance of local government special bonds was set at 3.65 trillion yuan ($ 563.65 billion), also down from 3.75 trillion yuan last year.
China also has no plans to issue special financial bonds this year, having issued such bonds for the first time last year to support the virus – infected economy.
The government has set their 2021 target for consumer price inflation at around 3%, compared to a target of around 3.5% last year.
($ 1 = 6.4756 Chinese Yuan)
Reciting with Kevin Yao, Judy Hua and Stella Qiu; Written by Ryan Woo; Edited by Jacqueline Wong and Sam Holmes