Grappling with an economic slowdown and dwindling business sentiment, China on Tuesday fixed a modest growth target of around five percent this year with a pledge to create 12 million jobs amid growing concerns over rising unemployment.
The country expects to create over 12 million jobs in urban areas and keep the surveyed urban unemployment rate at around 5.5 percent this year, Chinese Premier Li Qiang said in his maiden work report presented to the opening session of the country’s rubber-stamp parliament, the National People’s Congress (NPC).
The week-long NPC annual session at the Great Hall of People was attended, among others, by Chinese President Xi Jinping and over two thousand delegates from across the country to deliberate and legislate on key initiatives needed to strengthen the growth of the second-largest economy, which continued with the post-COVID-19 slowdown.
A proactive fiscal policy and a prudent monetary policy will be continued, with the ratio of deficit to gross domestic product (GDP) set at three percent and the government deficit to rise by 180 billion yuan (USD 26 billion) from the 2023 budget figure, Li said in his 39-page work report.
This is the first work report by Li, who succeeded Li Keqiang last year. As a staunch Xi loyalist, Li Qiang has discarded the decadeold practice of addressing the media at the end of the annual parliament sessions.
Last year, China posted 5.2 percent GDP, exceeding the official target of around five percent amid mounting market concerns, waning investor confidence, a protracted property market slump, and weak private sector progress.
Significantly, last year, the government stopped publishing data on unemployment for the first time amid reports of a deepening job crisis.
Bu hikaye The Business Guardian dergisinin March 06, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye The Business Guardian dergisinin March 06, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
HC issues notice on plea seeking permission for Wangchuk's protest
The Delhi High Court on Wednesday issued a notice seeking responses from the Delhi Police, the Government of NCT Delhi, and other respondents on a plea filed by the Apex Body Leh.
HC issues notice on PIL moved against 'ticket scalping' practices
The Delhi High Court on Wednesday issued a notice regarding a public interest litigation (PIL) against the practice of \"ticket scalping,\" which involves reselling event tickets at inflated prices. The plea, prompted by recent concerts featuring various artists, was brought forth by Rohan Gupta.
Election not to be taken lightly: Kejriwal
The BFP is poised to form the government for the third consecutive term securing 48 seats of the 90-member assembly. When Congress managed to secure 37 seats, AAP drewa blank in Haryana.
Opposition applauds PWD's decision to seal Kejriwal's bungalow
Opposition welcomed the Public Works Department's (PWD) decision to seal the bungalow of former Chief Minister Arvind Kejriwal.
ATISHI ASKED TO VACATE CM HOUSE, PREMISES SEALED
The newly appointed chief minister of Delhi has been asked to vacate her official residence just two days after she moved in followed by the strong protest by opposition.
BAIL NOT JAIL IS JUDICIAL TREND
In the Sunil Fulchand v. Unionof India case, the Supreme Court introduced the idea of bail. In criminal law, bail is well-understood, and the Criminal Procedure Code of 1973 has extensive bail provisions. A person is granted bail if they have been arrested for an offense for which they are not eligible for bail, or if they have been found guilty following a trial. When the accused is granted bail, the court maintains its constructive contract rights based on the terms of the bond it secured from him, releasing the accused from custody.
Haryana City Gas joins Reliance's MET City
Reliance subsidiary Model Economic Township Limited (METL) on Wednesday announced that Haryana City Gas (HCG) has joined its integrated Greenfield Smart City, MET City, at Jhajjar, Haryana.
Hyundai India announces Rs 32,000 cr investment
Hyundai Motor India has planned an investment of Rs 32,000 crore in the country over the next 10 years, between 2023 to 2032, said Unsoo Kim of Hyundai Motor India during the HMIL IPO-related press conference on Wednesday at Mumbai.
Pharma revenue to surge 8.5% YoY, driven by domestic and US niche launches
Pharma Industry revenue growth is likely to grow by 8.5 per cent (YoY) and will be driven by domestic formulations and niche launches in the US market, according to a report by Axis Securities.
Gujarat CM unveils stamp honouring 25 years of Adani's Mundra Port
In a ceremony marking 25 years of Mundra Port, Gujarat Chief Minister Bhupendrabhai Patel released a commemorative postal stamp to honour the port's contributions to India's maritime and economic growth.