Tasked with reviving China's embattled economy, the country's new Premier Li Qiang on Monday said achieving the five per cent GDP target was not an easy task and requires redoubled efforts.
Li, in his maiden address after assuming the significant role, added that the focus would, however, be on the quality of growth, especially on housing, income, education and health care. High-quality development, including tech and green industries, will also be prioritised.
However, Li, the long-term aide of Chinese President Xi Jinping who succeeded Li Keqiang, acknowledged that the economy faced challenges. Hailing China's resilience in the face of difficulties, Li added that achieving the 2023 gross domestic product (GDP) growth target of around five per cent for this year on the current high base of China's economic output is not an easy task and required redoubled efforts.
This comes as China, the world's second-largest economy, took a beating last year, reporting a three per cent GDP amid the Covid crisis. Li Keqiang's target of five per cent set for this year too is the lowest in recent years.
But, Li said most people do not keep their eyes on GDP growth all the time. "What people care more about are the things that happen in the everyday life like housing, employment, income, education, medical services, and the environment," Li said.
"Therefore, the government must always plan and carry out its work in light of what the people feel and act according to the people's aspirations," he said. Li said the economy will survive the odds and sail towards a brighter future.
Li also assured that private enterprises in China will enjoy a better environment and broader space for development. His statements attain importance in light of the recent crackdown on the private sector in China which also saw industrialists disappearing.
While admitting that inappropriate discussions and rumours about private entrepreneurs and policies on the private sector have always been consistent, Li said he was aware of the problems faced by the sector faced.
Stating that he has worked for a long time in regions with thriving private economies, Li reiterated China's commitment to protecting private entrepreneurs and creating a level playing field and highlighting new opportunities.
He said China's economic development is supported by many advantages, such as its massive market. But its institutional strength is key, he said referring to Xi's term for institutions under Communist Party rule.
Li stresses the importance of economic stability this year. He says a slew of policy combinations will be introduced for the macroeconomy, to stimulate demand and investment, as well as on reform and innovation, and to prevent risks. He stressed people-centred development philosophy saying that "the ultimate aim of the work of the Party and the government is to improve the well-being of the people."
(With inputs from PTI)
