Beijing, Mar 11 (PTI) Chinese Premier Li Keqiang on Friday defended the lower target of 5.5 per cent growth for the GDP, saying employment is key for the country, the world’s second largest economy, to maintain the potential economic growth.
China will be able to achieve its potential economic growth as long as it can realise maximum employment, Li said while addressing a press conference here at the end of the annual Parliament session.
China will have a record 16 million job seekers this year, including 10.7 million tertiary graduates, and the country has to find ways to create jobs for them, said the 66-year-old second ranking leader of the ruling Communist Party of China (CPC) after President Xi Jinping.
Li, who has announced retirement at the end of this year, also noted that about 200 million people are engaged in part-time or “flexible” jobs, such as express delivery workers, and more social protection must be offered to these workers.
Li, 66, will be completing 10 years as the Chinese Premier this year, playing second fiddle to the powerful 68-year-old Xi.
All top Chinese leaders retire after 10 years.
Xi, who heads the CPC besides the military and Presidency, unlike his predecessors, is set to continue in power, perhaps for life after completing his 10-year tenure this year as he is conferred the title of “core leader” like party founder Mao Zedong.
The new leadership headed by President Xi will take over after the once-in-a-five-year Congress of the CPC later this year.
Li defended his move to lower the GDP target to 5.5 per cent this year from last year’s six per cent, saying that on the basis of over 110-trillion-yuan (about USD 17.4 trillion), the GDP in China today would generate the amount of output equivalent to the size of a medium economy.
From a worldwide perspective, it is a hard problem for such a big economy to maintain a medium-high growth, Li said, ruling out major stimulus measures to prop up the slowing economy.
The economy faces new downward pressure and challenges this year. To achieve the growth target, the country needs relevant supporting fiscal policies, he added. PTI KJV CPS AKJ CPS
