China’s annual legislative meetings have wrapped up in Beijing on Thursday. Let’s take a quick look back at some of the biggest economic headlines coming from this year’s meeting.
Premier Li Keqiang stressed reforms promising to keep the government out of the markets. He calls the reforms “a revolution the government imposes on itself”.
This year’s GDP growth target is 7-and-a-half percent But the Premier said that target is flexible. He said improving the quality of life is more crucial than GDP growth. The meetings also detailed the war on pollution. Premier Li emphasized that polluters will be severely punished… along with regulators who fail to do their job. On the financial front there was big news, they introduced a historic plan to create privately-owned banks.
Some China experts say the policy goals set at this year’s Chinese congressional session are sound. But implementing them will be challenging. CCTV’s Wang Guan explains.