Chinese economic officials expressed confidence Monday they can meet this year91裸聊视频檚 growth target of 91裸聊视频渁round 5%91裸聊视频� by generating 12 million new jobs and encouraging consumer spending following the end of anti-virus controls that kept millions of people at home.
The Cabinet planning officials announced no details of spending or other initiatives to revive growth that slumped to 3% last year, the second-lowest in decades. But they said they plan an array of measures to meet goals announced Sunday by Premier Li Keqiang by raising incomes and encouraging innovation.
Efforts to revive the Chinese economy have global implications after weak retail, auto and housing sales depressed demand for imports. The country is the biggest export market for its Asian neighbors and an important revenue source for Western companies.
91裸聊视频淭here are many policy tools in our toolbox,91裸聊视频� the deputy chairman of the National Reform and Development Commission, Li Chunlin, said at a news conference held during the meeting of China91裸聊视频檚 ceremonial legislature.
The premier91裸聊视频檚 work report Sunday was unusually brief and gave few details, suggesting the ruling Communist Party will wait until a new premier and Cabinet ministers are appointed this month in a once-a-decade handover to announce tax, regulatory, subsidy and other changes.
This year91裸聊视频檚 job creation target is 12 million, up from last year91裸聊视频檚 goal of 11 million and below the 12.1 million that was achieved, according to Li.
The NDRC chairman, Zhao Chenxin, said the priority is to 91裸聊视频渞elease consumption potential91裸聊视频� and promote an 91裸聊视频渋nnovation-driven development strategy.91裸聊视频�
That is in line with ruling party plans to nurture self-sustaining growth based on consumer spending instead of exports and investment and to generate prosperity and global influence by making China a creator of valuable technologies.
The NDRC91裸聊视频檚 Li warned that the global environment 91裸聊视频渋s becoming more complex and severe,91裸聊视频� a reference to weak export demand due to Western interest rate increases to cool inflation and strained relations with Washington and other trading partners over technology, security and territorial disputes.
That will add to pressure on Chinese export industries that support millions of jobs, increasing the importance of self-sustaining business activity at home.
91裸聊视频淎bility to consume comes from employment and income,91裸聊视频� so the government must 91裸聊视频渋ncrease the income of urban and rural residents,91裸聊视频� Li said.
Li gave no details, but the ruling party has previously pressured e-commerce and other big companies to share more of their wealth with the public by raising wages and cutting charges for small vendors and other entrepreneurs.
The growth target is the lowest on record except for 2020, when the government dropped its goal at the start of the COVID pandemic.
91裸聊视频淲e view it as a relatively conservative but pragmatic proposal for delivering a healthy and organic economic recovery,91裸聊视频� said Nomura economists in a report. 91裸聊视频淐hina91裸聊视频檚 economy is still set to face with multiple headwinds over the course of the year.91裸聊视频�
The higher unemployment might be harder to achieve, so 91裸聊视频渏ob creation is likely to be a focus of work this year,91裸聊视频� they wrote.
By Joe Mcdonald
THE ASSOCIATED PRESS
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