At 5.5%, China sets lowest economic growth target in decades

China has set its economic growth target at around 5.5 per cent in 2022 as the country's lawmakers and political advisors gathered in Beijing to map out development priorities for this year

China has set its economic growth target at around 5.5 per cent in 2022, the lowest economic growth target in decades, as the country's lawmakers and political advisors gathered in Beijing to map out development priorities for this year.

Chinese Premier Li Keqiang unveiled a government work report at the opening meeting of the fifth session of the 13th National People's Congress held in Beijing and introduced the overall requirements and policy orientation for economic and social development in 2022.

In his report, the premier reviewed the government work in 2021 and said that the country worked hard as one and once again secured new and major achievements in its development in the past year in the face of complicated and challenging circumstances both in and outside of China, as well as many risks and challenges.

"While recognizing our achievements, we are also very clear about the problems and challenges before us," he said on Saturday, Xinhua News Agency reported.

According to Xinhua, targets were set for the country's development in 2022 in the government work report, including a GDP growth of around 5.5 per cent, more than 11 million new urban jobs, and a consumer price index increase of around 3 per cent.

The report also listed major tasks for 2022, including achieving stable macroeconomic performance, maintaining job security, deepening reform, and expanding high-level opening up.

Amid the mounting pressure of the COVID-19 pandemic and other geopolitical uncertainties, Chinese analysts argue that a growth target of around 5.5 per cent is expected to significantly boost the global economic recovery.

Zhang Yuyan, an economist at the Chinese Academy of Social Sciences and a national political advisor, told Xinhua that China will continue to drive global economic growth in 2022.

He added that China is capable of making economic progress while maintaining stability.