China aims at 7.5% GDP growth, more jobs, deep economic reforms for 2014

In his government work report, Chinese premier Li Keqiang, has reportedly highlighted GDP growth of about 7.5 percent as one of the major targets for this year.

He noted that the government should create impetus by deepening reform, keep economic performance within a proper range and work hard to raise the quality and returns of development, promote industrial upgrading and keep improving people's well being.

According to a report in Xinhua, the Consumer Price Index (CPI) increase would be kept around 3.5 percent in 2014, while 10 million more urban jobs would be added.

The government also aims to increase personal incomes in step with economic development.

China would continue to implement a proactive fiscal policy and a prudent monetary policy as this the government budget deficit for this year is projected to be 218 billion dollars.

The broad monetary supply (M2) is forecast to grow by around 13 percent.

China also plans to raise its defense budget by 12.2 percent to 132 billion dollars in 2014.

The premier laid down nine major tasks for this year including making breakthroughs in reform in important areas, ushering in a new phase of China's opening to the outside world and ensuring its high standard performance.

China vowed to hold high the banner of peace but also pledged to resolutely safeguard its sovereignty and the postwar international order.