China opens the National People's Congress... "This year's economic growth target is 5.5%"

The National People's Congress (NPC), which is our National Assembly, opened today (5th) at the Great Hall of the People in Beijing.

The National People's Congress is one of China's largest annual political events, and is called 'two sessions' along with the National People's Political Consultative Conference (CPC).

Chinese Premier Li Keqiang presented a target for China's gross domestic product (GDP) growth rate this year to be around 5.5% in a report to the National People's Congress.

This is a lower figure than last year's '6% or more', and it is interpreted as a measure taking into account the increased uncertainty due to variables in the Ukraine war.

Premier Li Keqiang said, "We mainly considered job security and prevention of risks to people's livelihoods."

Last year, China recorded a growth rate of 8.1% and exceeded its target, but it has been showing a downward trend since the second quarter due to the contraction of the Chinese real estate industry, power disruptions, and COVID-19 lockdown measures.

Premier Li also said he would create more than 11 million new urban jobs and keep the urban unemployment rate below 5.5%.

"The Chinese economy will surely be able to withstand downward pressure," Li said.

(Photo = Yonhap News)