The Chinese economy needs to create 10 million jobs per year and must sustain growth of at least 7.2% to achieve that, Premier Li Keqiang has warned ahead of a key meeting of the Communist Party.
Li’s comments, in a speech published Monday on the website of the All China Federation of Trade Unions, indicate that China is comfortable with the current strength of economic growth and suggest short-term stimulus is unlikely in the near future.
Beijing has an official annual GDP target of 7.5% for 2013 — a goal all but assured by a solid performance in the third quarter.
For China, even the question of a minimum rate of growth — rather than maximum — is something of a switch.
The country averaged growth of around 10% a year in the past three decades, propelling it up the list of biggest economies, generating wealth for its growing middle class and boosting global trade. Along the way, it enjoyed relatively low unemployment rates, a key factor in maintaining social and political stability.