China has set an economic growth target of around 5 percent for this year.
According to the news agency, the goal of economic development was announced by the Chinese Prime Minister on the occasion of the annual National People’s Congress.
The economic growth target of around 5 percent is the lowest target in decades.
China has announced a 7.2 percent increase in its defense budget to $225 billion.
China plans to create about 12 million new jobs this year to push its urban unemployment rate down to 5.5 percent.