China reduced its GDP target for this year to 5.5 percent, down from 6.1 percent last year.
Premier Li Keqiang announced the new target for the world's second-largest economy in his work report to the National People's Congress (NPC), the country's parliament, which began its annual session here on Saturday.
China's economy grew by 8.1 percent in 2021 to around USD 18 trillion, the best performance in a decade, according to official figures. The rate of growth exceeded the government's target of more than 6 percent in 2021. In his work report to the NPC, Li stated that China intends to create more than 11 million new jobs by 2022. He stated that China intends to reduce its deficit-to-GDP ratio to around 2.8 percent in 2022.
The fundamentals of China's economy remain unchanged, and the country will continue to grow in the long run, he said. Over 2,800 members attended the NPC, which will meet here for more than a week to conduct annual legislative business.
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