China lowers GDP target to 5.5% for 2022

China's pace of growth was well above the government target of above 6 percent in 2021 (Image: Reuters)

China on March 5 lowered its GDP target to 5.5 percent for this year from last year's 6.1 percent.

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 in Beijing on March 5.

China's economy grew by 8.1 percent in 2021 to about $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 6 percent 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 percent 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.