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“On the basis of careful comparison and repeatedly weighing various factors as well as considering what is needed and what is possible, we set a growth target of around 7.5 per cent,” Premier Li Keqiang told Chinese lawmakers on Wednesday.
Keqiang delivered his first government work report at the parliament’s annual session on Wednesday.
“We must have…the mettle to fight on and break mental shackles to deepen reforms on all fronts,” said Li.
He also pointed towards “nature’s red-light warning against the model of inefficient and blind development” vowing to wage a “war against pollution” and switching to a cleaner growth model.
China’s economy expanded 7.7 per cent last year, well above the government goal. However a new set of data that pointed to softening manufacturing activity in recent months renewed concerns on the growth outlook of the world’s second largest economy.
The Chinese Premier admitted the economy is at a critical juncture where the path upward is “particularly steep” amid challenges at home and from abroad.
Li announced Wednesday to set up a deposit insurance system, considered a precondition for freeing deposit rates, the last and most important step of interest rate liberalization.
The government areport also said China will overhaul the current financing scheme for local governments to issue bonds.