China yesterday announced an economic growth target for this year of about 7 percent and said it would boost government spending, signaling that the lowest rate of expansion for a quarter of a century is the “new normal” for the world’s No. 2 economy.
Speaking at the opening of the annual National People’s Congress meeting, Premier Li Keqiang (李克強) vowed to fight corruption and pollution, and stressed the need for more painful reforms to put the economy on a more sustainable footing after three decades of breakneck growth.
“The downward pressure on China’s economy is intensifying,” Li told about 3,000 delegates gathered at the Great Hall of the People.
Photo: Reuters
“Deep-seated problems in the country’s economic development are becoming more obvious. The difficulties we are facing this year could be bigger than last year. The new year is a crucial year for deepening all-round reforms,” he said.
Outlining the government’s policy priorities for this year, Li said those priorities included pushing ahead with reforms of the giant state-owned enterprises and moves to liberalize the banking system and financial markets.
“In order to defuse problems and risks, avoid falling into the ‘middle income trap,’ and achieve modernization, China must rely on development, and development requires an appropriate growth rate,” Li said. “At the same time, China’s economic development has entered a ‘new normal.’”
A key plank of China’s reform agenda is overhauling its industrial sector by tackling overcapacity in polluting heavy industries and moving manufacturing up the global value chain.
Li promised a greater role for private business in the economy, which he said would be further opened up by halving the number of industries in which foreign investment is restricted.
Li said China aimed to create more than 10 million new jobs this year and would ensure the jobless rate does not exceed 4.5 percent.
Li said that he was confident of the peaceful growth in relations with Taiwan, saying it was a historic trend that could not be reversed.
“We will strive to make progress in discussion and dialogue between the two sides of the strait, advance cross-strait economic integration for mutual benefit and promote local and youth exchanges,” he said.
Additional reporting by AP
RETHINK? The defense ministry and Navy Command Headquarters could take over the indigenous submarine project and change its production timeline, a source said Admiral Huang Shu-kuang’s (黃曙光) resignation as head of the Indigenous Submarine Program and as a member of the National Security Council could affect the production of submarines, a source said yesterday. Huang in a statement last night said he had decided to resign due to national security concerns while expressing the hope that it would put a stop to political wrangling that only undermines the advancement of the nation’s defense capabilities. Taiwan People’s Party Legislator Vivian Huang (黃珊珊) yesterday said that the admiral, her older brother, felt it was time for him to step down and that he had completed what he
Taiwan has experienced its most significant improvement in the QS World University Rankings by Subject, data provided on Sunday by international higher education analyst Quacquarelli Symonds (QS) showed. Compared with last year’s edition of the rankings, which measure academic excellence and influence, Taiwanese universities made great improvements in the H Index metric, which evaluates research productivity and its impact, with a notable 30 percent increase overall, QS said. Taiwanese universities also made notable progress in the Citations per Paper metric, which measures the impact of research, achieving a 13 percent increase. Taiwanese universities gained 10 percent in Academic Reputation, but declined 18 percent
UNDER DISCUSSION: The combatant command would integrate fast attack boat and anti-ship missile groups to defend waters closest to the coastline, a source said The military could establish a new combatant command as early as 2026, which would be tasked with defending Taiwan’s territorial waters 24 nautical miles (44.4km) from the nation’s coastline, a source familiar with the matter said yesterday. The new command, which would fall under the Naval Command Headquarters, would be led by a vice admiral and integrate existing fast attack boat and anti-ship missile groups, along with the Naval Maritime Surveillance and Reconnaissance Command, said the source, who asked to remain anonymous. It could be launched by 2026, but details are being discussed and no final timetable has been announced, the source
SHOT IN THE ARM: The new system can be integrated with Avenger and Stinger missiles to bolster regional air defense capabilities, a defense ministry report said Domestically developed Land Sword II (陸射劍二) missiles were successfully launched and hit target drones during a live-fire exercise at the Jiupeng Military Base in Pingtung County yesterday. The missiles, developed by the Chungshan Institute of Science and Technology (CSIST), were originally scheduled to launch on Tuesday last week, after the Tomb Sweeping Day holiday long weekend, but were postponed to yesterday due to weather conditions. Local residents and military enthusiasts gathered outside the base to watch the missile tests, with the first one launching at 9:10am. The Land Sword II system, which is derived from the Sky Sword II (天劍二) series, was turned