China sets 2022 GDP growth target at around 5.5 pct

China has set its gross domestic product (GDP) growth target at around 5.5 percent for 2022, according to a government work report submitted Saturday to the national legislature for deliberation.

China has set its economic growth target at around 5.5 percent in 2022 as the country’s national lawmakers and political advisors gathered in Beijing to map out development priorities for this year.

The gross domestic product (GDP) target is one of the key goals laid out in a much-anticipated government work report delivered by Premier Li Keqiang to the national legislature, which began its annual session on Saturday.

This year, China aims to create over 11 million new urban jobs, keep a surveyed urban unemployment rate of no more than 5.5 percent, keep grain output over 650 million metric tonnes and lower the ratio of its deficit to GDP at around 2.8 percent.

“It represents a medium-high rate of growth given our large economic aggregate, and demonstrates our ability to move proactively,” Li said.

The Chinese economy saw a strong rebound with 8.1-percent growth in 2021 and became the only major economy to record growth in 2020.

In 2022, China will extend policies that support manufacturing, micro and small enterprises and self-employed individuals, with tax refunds and cuts expected to total 2.5 trillion yuan (about 395 billion U.S. dollars), according to the report.