BEIJING (AP) – Chinese economic officials expressed confidence yesterday they can meet this year’s growth target of “around five per cent” 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 three per cent last year, the second-lowest in decades.
But they said they plan an array of measures to meet goals announced on 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 neighbours and an important revenue source for Western companies.
“There are many policy tools in our toolbox,” Deputy Chairman of the National Development and Reform Commission (NDRC) Li Chunlin said at a news conference held during the meeting of China’s ceremonial legislature. The premier’s work report on 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 year’s job creation target is 12 million, up from last year’s goal of 11 million and below the 12.1 million that was achieved, according to Li. NDRC Chairman Zhao Chenxin said the priority is to “release consumption potential” and promote an “innovation-driven development strategy”.
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.
