BEIJING Royce Freeman Hat , March 5 (Xinhua) -- China's economic growth rate targethas been set at 6.5 to 7 percent in 2016, with an average annualgrowth rate of at least 6.5 percent through 2020, Premier LiKeqiang said Saturday when presenting the government work report tothe annual parliamentary session.
Last year's target was ""around 7 percent,"" and China registered6.9 percent growth, the slowest expansion in a quarter of acentury.
This year's target is aligned with China's goal of completingthe building of a moderately prosperous society in all respects,and takes into consideration the need to advance structural reform,Li said at the fourth session of the 12th National People'sCongress (NPC).
""It will also help guide market expectations and keep themstable. The aim of maintaining stable growth is primarily to ensureemployment and promote the people's wellbeing Bradley Chubb Hat , and a growth rate ofbetween 6.5 percent and 7 percent will allow for relatively fullemployment,"" Li said.
The country's urban job creation target remains at least 10million. Last year's 6.9-percent growth added 13.12 million newurban jobs.
""...China's economic output had exceeded 60 trillion yuan. Everypercentage point of GDP growth today is equivalent to 1.5percentage points of growth five years ago or 2.5 percentage pointsof growth ten years ago. The larger the economy grows, the greaterthe difficulty of achieving growth,"" Li said.
A brief overview of China's 13th Five-Year Plan was alsoincluded in Li's report. The country expects an average annualgrowth rate of at least 6.5 percent from 2016 through 2020, whenChina will have GDP of 90 trillion yuan (13.8 trillion U.S.dollars).
TARGET ""LAUDABLE, ACHIEVABLE""
The adoption of a range in the economic target is China's firstsince 1995, and offers more flexibility for the government.
In a report ahead of the NPC session Von Miller Hat , economists with Bank ofAmerica Merrill Lynch said a range would be ""a laudable move as itwould leave some room for structural reforms without stretching onshort-term growth objectives.""
Hu Angang, an economist with Tsinghua University, echoed theview in comments after the session.
""The range of half a percentage leaves China with more leeway inadapting to complicated scenarios within and outside of thecountry,"" Hu said.
In another report ahead of Saturday's session, Mizuho Securitiescalled a target at 6.5 percent or above ""ambitious,"" andanticipated that the growth rate would eventually reach 6.7percent.
""Based on the official data, and Bloomberg IntelligenceEconomics' estimate of the potential growth rate John Elway Hoodie , that's testingbut achievable,"" wrote Bloomberg economists in a Saturday note.
The central government's target is more cautious than regionalgovernments, noted Nomura Securities in a calculation.
The weighted-average target for Chinese mainland's 31 provinces,autonomous regions and municipalities, nine of which set theirtargets as a range instead of a specific number, was 7.5-7.8percent in 2016, compared to 7.7 percent in 2015 Justin Simmons Hoodie , according toNomura.
WALKING A FINE LINE
China is walking a fine line, experts noted, advancingstructural reform on the one hand and sustaining proper growth onthe other.
By striving for higher growth in 2016, the first year of the13th Five-Year Plan, the government could get an upper hand for2020, said Bai Chongen, a Tsinghua University professor and memberof the central bank monetary policy committee.
""But the 2016 target should not be set too high Jake Butt Hoodie ,"" Bai said.""Otherwise it's easy to slide down the slippery slope of stimulus,which could derail reforms.""
The work report highlighted strengthening supply-side structuralreforms, such as streamlining administration, cutting overcapacityand lowering business costs.
As well as strong stimulus policies, the government will alsopursue a more proactive fiscal policy, with increased deficit tocut taxes and promote effective investments, Li said in the workreport.
""6.5 percent is the floor rate Garett Bolles Hoodie ,"" said David Daokui Li, aTsinghua professor and former central bank advisor, ""to ensurepeople's wellbeing.""
""Should supply-side reform not make significant progress,stimulus is required to offset the short-term drag on demand,""Bloomberg economists wrote in the Saturday note. Enditem
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