BEIJING: China goals to realize 5% financial progress this yr, Premier Li Qiang mentioned Tuesday, acknowledging that it will likely be a difficult objective in tough occasions. In his handle to the Nationwide Folks’s Congress, Li outlined plans to spice up spending on growing superior know-how, fortifying China’s navy and supporting the financial system, amongst different objectives. However there was no large package deal of stimulus to spice up markets and reassure traders.
Li mentioned govt would proceed with a “pro-active fiscal coverage and prudent financial coverage,” suggesting no main change within the management’s method to the financial system. He unveiled a plan to spice up progress by issuing long-term bonds over a number of years, beginning with 1 trillion yuan (about $139 billion) this yr. The cash could be spent to implement “main nationwide methods” and fortify safety “in key areas,” he mentioned.
“Reaching this yr’s targets won’t be simple,” Li mentioned, referring to financial progress and different objectives together with elevating incomes, creating 12 million jobs and making the financial system extra vitality environment friendly in pursuit of local weather objectives. However he reiterated requires better confidence regardless of challenges, noting the nation’s huge market of 1.4 billion folks, its superior manufacturing capability and big workforce.
