China sets 2021 GDP growth target of over 6% - CNBC

Chinese Premier Li Keqiang speak following Germany-China government consultations on July 9, 2018 in Berlin, Germany.

Sean Gallup | Getty Images News | Getty Images

BEIJING — Chinese Premier Li Keqiang announced Friday the world's second-largest economy would target growth of over 6% for 2021.

Li said the nation aimed for an urban unemployment rate of around 5.5% and targeted the creation of more than 11 million new urban jobs, the same as in 2019 and up from 9 million last year.

China will also aim for an increase of around 3% in the consumer price index, a measure of inflation, Li said.

China reported growth of 2.3% last year as the only major economy to expand amid the coronavirus pandemic. The country's official economic figures are often doubted for their accuracy.

The Chinese government kicked off its "Two Sessions" annual parliamentary meeting this week for approving national priorities for 2021. This year's gathering will last just about a week.

The political advisory body, the Chinese People's Political Consultative Conference, held its opening ceremony Thursday. The National People's Congress legislature began its annual gathering on Friday.

The gathering of delegates, known as the "Two Sessions," has overseen such changes as President Xi Jinping's abolition of term limits in 2018 and the proposal for a new security law for Hong Kong last year.

The otherwise generally symbolic meeting takes on particular significance this year as it marks the beginning of China's five-year development plan — the 14th such in the country's history. It is also the 100th anniversary of the ruling Communist Party.

Authorities are expected to lay out details on topics ranging from employment targets to management of the semi-autonomous region of Hong Kong.

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