Despite a slight economic slowdown, China still has a string of policy tools at the government’s disposal to bolster economic growth, aiming to achieve a better-quality economic development, Premier Li Keqiang said Sunday.
It is “by no means easy” to achieve this year’s target of registering an economic growth at around 7 percent, as, with the expansion of the economy, a 7-percent increase in the Chinese economy is equivalent to the total size of a medium-sized economy, Li said at a press conference after the conclusion of China’s annual parliamentary session.
China’s gross domestic product (GDP) expanded 7.4 percent last year, its slowest pace since 1990, as it expanded to 63.65 trillion yuan (10.3 trillion U.S. dollars), making it second only to the United States.
The government-set economic growth goal for this year was 0.5 percentage point lower than that of 2014, triggering worries that the Chinese economy might slide further, as some major economies are confronted with anemic economic growth and deflation risks.
The government usually announces its annual growth target when the government work report is unveiled to national lawmakers. The growth target is not only seen as an official barometer of Chinese economy, but also sheds further light on how China plans to expand its economy.
Li used this press conference to beef up investors’ confidence in the world’s second largest economy.
In the “new normal” era, China needs to ensure its economic growth operate within an appropriate range, he said.