China sets five-year average annual growth above 6.5 pct

TOKYO, March 5 (KUNA) — China announced Saturday that it has set the target of average annual economic growth of above 6.5 percent in the next five years from 2016, state-run official Xinhua News Agency reported.
The 6.5-percent annual growth rate over a five-year period is the lowest for over three decades. But it is believed that this is the minimum growth required for the nation to realize the goal of doubling the 2010 gross domestic product (GDP) and per capita income by 2020, the report said.
China’s GDP is expected to exceed CNY 92.7 trillion (USD 14.2 trillion) in 2020, compared with CNY 67.7 trillion (USD 10.4 trillion) in 2015, according to the draft outline of the 13th Five-Year Plan on national economy and social development submitted to the National People’s Congress annual session, which opened Saturday.
The country will implement an innovation-driven development strategy and promote science and technology innovation, mass innovation and entrepreneurship, with supporting reforms and policies, it said.
China sets the GDP growth target at between 6.5 and 7 percent this year alone, taking into consideration the need to advance structural reform and create jobs. The economy grew 6.9 percent in 2015, the slowest in a quarter of a century.
“A comprehensive analysis of all factors shows that China will face more and tougher problems and challenges in its development this year, so we must be fully prepared to fight a difficult battle,” Premier Li Keqiang said in a government work report to national legislators.
“China has laid a solid material foundation, and its economy is hugely resilient and has enormous potential and ample room for growth,” said Li. (end) mk.mt