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China parliament approves new five-year economic plan China parliament approves new five-year economic plan
(about 2 hours later)
China's parliament has ended its annual session by approving a new five-year economic plan, as Premier Li Keqiang says the country will push ahead with economic reforms.China's parliament has ended its annual session by approving a new five-year economic plan, as Premier Li Keqiang says the country will push ahead with economic reforms.
The plan aims to grow the world's second-largest economy by around 6.5 to 7% a year by 2020. The aim of the plan is to achieve 6.7-7% growth a year by 2020 in the world's second-largest economy.
Measures include cutting high debt, streamlining state-owned enterprises, and reforming financial markets.Measures include cutting high debt, streamlining state-owned enterprises, and reforming financial markets.
China has been facing a period of slower growth and market volatility.China has been facing a period of slower growth and market volatility.
The plan, laid out by Communist Party leaders, received unanimous approval from the rubber-stamp National People's Congress (NPC).The plan, laid out by Communist Party leaders, received unanimous approval from the rubber-stamp National People's Congress (NPC).
'No hard landing''No hard landing'
At his annual press conference later, Mr Li stressed the importance of reforms to economic vitality and added it was "impossible" for him to side with views that the country would not meet economic targets. At his annual press conference later, Mr Li stressed the importance of reforms to economic vitality and added it was "impossible" for him to side with views that China would not meet economic targets.
He also acknowledged that there would be job losses as state-owned enterprises, particularly in the steel and coal industries, undergo reform, but assured there would be no mass redundancies. He acknowledged there would be job losses as reforms were made to state-owned enterprises, particularly in the steel and coal industries, but said there would be no mass redundancies.
Mr Li said the economy "will not suffer a hard landing, we have full confidence in the bright future of the Chinese economy." In February, the central government launched a $15.3bn (£10.8bn) fund aimed at relocating workers who lost their jobs as part of China's supply-side reforms.
According to reports, China may make up to six million state workers redundant over the next few years as part of its shift away from a manufacturing to services-based economy.
Mr Li said the economy would "not suffer a hard landing, we have full confidence in the bright future of the Chinese economy".
Financial reforms
Concerns have been swirling about the health of China's economy, which expanded at its slowest pace in 25 years in 2015.
Aside from slumping exports, the stock market saw trillions of dollars lost last summer following unprecedented volatility.
However, the government is still looking to reform its financial markets and increase the use of its currency, the yuan.
Mr Li said there were plans to develop a stock-trading link between Hong Kong and Shenzhen this year, expanding upon a program that already exists between Shanghai and Hong Kong.
To reduce currency volatility and capital outflows, China is also planning to impose a tax that may curb excessive speculation.