The Two Sessions are underway in Beijing, the most important annual political plenary sessions in China.
At the opening meeting of the 13th National People’s Congress, Chinese Premier Li Keqiang announced that its target GDP for 2018 is 6.5%, the same as the target growth rate for 2017.
With China’s government spending and ability to create jobs through infrastructure projects and regional policy initiatives, a 6.5% growth rate would allow the country to achieve full employment, according to Xinhua News. It estimates that job growth will include 11 million additional urban employment opportunities.
In addition, the country is set to maintain 3% inflation. The country’s unemployment rate is projected to hover around 5.5% with the urban unemployment rate at 4.5%.
Premier Li said, “We will strongly promote high-quality development.” Li also told Xinhua, “We enjoy composite advantages, and all this means that we have the ability and the conditions to achieve higher quality, more efficient, fair and sustainable development.”
Last year China beat its goal of 6.5% reaching economic growth of 6.9%. The IMF has made the same estimate for the Chinese economy, having recently raised its estimate from 6.5% to 6.6% in January.