China lowers GDP target to 5.5% for 2022

China on Saturday lowered its GDP target to 5.5 per cent for this year from last year's 6.1 per cent.

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The new target for the second-largest economy was announced by Premier Li Keqiang in his work report presented to the National People's Congress (NPC), the country's parliament which opened its annual session here on Saturday.

China's economy grew by 8.1 per cent in 2021 to about USD 18 trillion  a performance that was stated to be the best in a decade.

The pace of the growth was well above the government target of above six per cent in 2021.

In his work report presented to the NPC, Li said China plans to create more than 11 million new jobs in 2022.

He said China plans to cut the ratio of its deficit to GDP to around 2.8 per cent for the year of 2022.

The fundamentals of China's economy remain unchanged, and the nation will maintain long-term growth, he said.

Over 2,800 members attended the NPC which will meet here for over a week to transact the annual legislative work.