China cuts GDP target as leaders seek stability in economy

China on Sunday cut its growth target to around 6.5 percent for 2017, as Beijing focuses on stability ahead of a sensitive political gathering later this year.

کد خبر: ۶۷۳۸۵۱

تاریخ: ۱۵ اسفند ۱۳۹۵ - ۱۰:۰۲

Telegraph - China on Sunday cut its growth target to around 6.5 percent for 2017, as Beijing focuses on stability ahead of a sensitive political gathering later this year.

The Chinese economy slowed to a growth rate of 6.7 percent last year, the lowest since 1990 as Beijing acts to transform its export-driven economy to a more stable, consumer-led model.

Li Keqiang, China’s prime minister, made a prediction of "around 6.5 percent or higher if possible" in his work report, which was delivered at the annual meeting of China’s parliament, the National People’s Congress (NPC).

China vowed in 2015 to maintain high growth rates up until 2020 as it seeks to double the size of its economy from 2010 figures. Economists believe a 6.5 percent figure over the next three years would help Beijing achieve that feat.

It would be a serious concern for officials if growth rates slipped below 6.5 percent in the coming years, although there has been growing recognition among leaders that flexibility is needed in order to carry out the structural reforms.

There has been concern in Beijing, however, over the risks to social stability caused by China’s changing economy, particularly in large, out-dated rust-belt industries which China is seeking to transform.

The loss of jobs in these sectors has seen protests in many parts of China in recent years.

Mr Li's report also called for another 11 million jobs in 2017, up by one million from 2016.

"An important reason for stressing the need to maintain steady growth is to ensure

employment and improve people's lives," the report says, according to Xinhua news agency.

"Considering our sound economic fundamentals and the capacity they bring for job creation, this target is attainable with hard work.”

Xi Jinping, the Chinese president, will join other Communist cadres in the autumn at the 19th Party Congress. The gathering will see the reshuffle of top posts among the country's leadership as Mr Xi begins his second term as president.