China defends 5.5 point economic growth target for 2022

China has defended the annual Gross Domestic Product (GDP) growth target of 5.5 points and assured that this level, one of the lowest in recent decades, will allow maintaining stability in the face of turbulence.

An increase of around 5.5 percent on the basis of more than 110 trillion yuan (about 17.4 trillion dollars) GDP in China would generate the amount of output equivalent to the size of a medium economy,” Premier Li Keqiang said at a press briefing.

From a worldwide perspective, he said, it is a hard problem for such a large economy to maintain medium-high growth and it now faces new downward pressures and challenges.

However, he recalled that the achievements reached in 2021 laid a solid foundation for this year, and the country will make progress towards the GDP target with the necessary fiscal policies.

Li mentioned among the country’s priorities to raise people’s welfare, a rise in Government spending and benefit with tariff cuts especially small and medium-sized enterprises hit by the impact of the pandemic.

The premier indicated that China will implement a more scientific and precise approach in the fight against Covid-19, continue with its reform and open-door policy for exchanges with the world, avoid mass layoffs and face pressures in the job market, to which 26 million individuals, included recent graduates, veterans and migrant workers, will enter.