China sets 2018 GDP growth target at around 6.5 pct

China has set its GDP growth target at around 6.5 percent for 2018, unchanged from that for 2017, according to a government work report available to the media on Monday.

Given China's economic fundamentals and capacity for job creation, GDP growth of around 6.5 percent will enable China to achieve relatively full employment, according to the report to be delivered Monday morning at the first session of the 13th National People's Congress, China's top legislature.

China aims to maintain inflation level at around 3 percent and create over 11 million new urban jobs. The surveyed urban unemployment rate is projected to stay within 5.5 percent, the registered urban jobless rate within 4.5 percent, the report showed.

The above targets take into consideration the need to secure a decisive victory in building a moderately prosperous society in all respects, and are fitting given the fact that China's economy is transitioning from a phase of rapid growth to a stage of high-quality development, the report said.

The Chinese economy outperformed its annual growth target by expanding 6.9 percent last year, picking up for the first time in seven years.

Today, China's material and technological foundations are much stronger; its industrial system is complete, its market is vast, its human resources are abundant, and its entrepreneurs and innovators are dynamic, the report pointed out.

"We enjoy composite advantages, and all this means that we have the ability and the conditions to achieve higher quality, more efficient, fairer, and more sustainable development," the report added.

(ASIA PACIFIC DAILY)