China’s annual parliament session opens in Beijing
March 5, 2016, 4:57 am

Chinese Premier Li Keqiang delivers a government work report during the opening meeting of the fourth session of the 12th National People’s Congress at the Great Hall of the People in Beijing, capital of China, March 5, 2016 [Xinhua]

The Congress’s 175-member standing committee in Beijing is in charge of legislative issues.

Premier Li Keqiang, at an opening speech, expressed his confidence of realizing China’s 2020 goals, while fighting “a difficult battle” in face of tougher challenges.

The government work report, delivered by Li at the opening meeting of the national legislature annual session, sets this year’s economic growth target at between 6.5 and 7 per cent. The average annual target growth rate for the next five years is set at above 6.5 per cent.

“We have taken into consideration the need to finish building a moderately prosperous society in all respects and the need to advance structural reform,” said Li explaining the lower growth targets.

“The larger the economy grows, the greater the difficulty of achieving growth,” he added.

The Finance Ministry report ahead of the Parliament session sees 2016 budget deficit at 3 per cent of GDP.

China’s National People’s Congress approve laws, the budget, and key personnel decisions.

China aims to double the 2010 GDP and per capita personal income by 2020, Li said in his report on Saturday.

About 3,000 deputies to the National People’s Congress (NPC) listened to Li’s report at the opening meeting, chaired by Zhang Dejiang, chairman of the NPC Standing Committee and executive chairperson of the session’s presidium, along with top Party and state leaders Xi Jinping, Yu Zhengsheng, Liu Yunshan, Wang Qishan and Zhang Gaoli.

In his report, Li called on all Chinese to “rally closer around the CPC Central Committee headed by General Secretary Xi.”

The work report of the Chinese Premier also said 100 billion yuan in subsidies will be used primarily to resettle laid off employees. It sees growth in outstanding social financing of around 13 per cent in 2016.

Li’s reform listed a package of pragmatic policies to address economic weakness, including tax cut, flexible monetary policy, cut of overcapacity, and business creativity.

This year China’s government deficit is expected to stand at 2.18 trillion yuan ($335 billion), 560 billion yuan more than last year, while the deficit-to-GDP ratio up from 2.3 to 3 per cent.

TBP and Agencies