China sets GDP growth target at around 5 percent for 2023.

BEIJING -- Chinese Premier Li Keqiang has delivered a government work report to the opening meeting of the first session of "the 14th National People's Congress, China's national legislature" on Sunday morning at the Great Hall of the People in Beijing.

Jinping and other Chinese leaders attended the opening meeting. China has set a gross domestic product (GDP) growth target of around 5 per cent for 2023, Premier Li Keqiang said as he delivered a government work report, CGTN reported.

The country set a target to create 12 million new jobs in urban areas, with a surveyed urban unemployment rate contained at around 5.5 per cent. China surpassed its annual job creation target in 2022, and officials have stressed the importance of continuing an employment-first policy in 2023.

On inflation, China aims to anchor consumer price growth at around 3 per cent, with personal incomes generally keeping pace with the country's national growth target. Premier Li Keqiang said it's essential to prioritize economic stability and pursue progress while ensuring stability in 2023. China's proactive fiscal policy will be more effective, and a deficit-to-GDP ratio of 3 per cent is projected for the year.

China's policy of stabilizing economic growth will support the real estate market and boost investment, said Tian Huifang, a senior research fellow at the Institute of World Economics and Politics of the Chinese Academy of Social Sciences.

Tian added that the improvement in the labour market and excess savings would stimulate consumer demand.

As China welcomes a new central government leadership in 2023, Li stressed pushing forward several development priorities.

Expanding domestic demand was at the top of the list. Premier Li said that the income of residents should be boosted through multiple channels, and recovery in consumption and services should be promoted. He also noted policy incentives in driving private investment.

Li said China should...

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