Key figures for China's 2015 economy grab world attention

China lowers its economic growth target for 2015 to "around 7 percent" and maintains its job creation target at 10 million.[Special coverage]

The pair of key figures from Premier Li Keqiang's government work report has grabbed high attention of the world news media.

An article published on BBC website "China: Why 10 million is the key number" said, China cuts its growth target, but the key number is the unchanged job creation target.

This, a Bloomberg article said, shows the Chinese leaders are becoming more aware of the importance of keeping an abundant job market rather than high growth numbers.

In 2014, with GDP growth rate at 7.4 percent, 13 million new jobs were created in the country, far exceeding the previous year's target of 10 million. The BBC article said, China has created jobs for millions of college graduates each year and ensured "the new middle class is not suffering from high unemployment."

China vows to keep its employment target at 10 million jobs in 2015, which reflects its aim to shift down the gear in terms of growth and focus on improving the quality of that growth.

Chief economist of the Royal Bank of Scotland on Chinese economy Louis Kuijs said, China expands its tourist, e-commerce, logistics and health care sectors, which is labor intensive, and plenty of job opportunities would thus be created.

Another impetus is considered to be expanding domestic consumer market. An article published on the Financial Times said, China would adopt proactive fiscal policy to boost household consumption, and turn "Made in China" to "Made for China" to connect the "world factory" with its consumer market.

Last year, consumption contributed 51.2 percent of China's GDP growth, and the value added of the service sector increased from 46.9 percent to 48.2 percent as new industries and business modes emerged.

China has adopted many concrete measures to adjust its economic growth mode, including measures to deepen reform of state-owned enterprises, cut output surplus, and reform banking system and financial market, as well as to boost domestic demand and create jobs, said an AFP report.

The BBC article observed the newly rich Chinese and overseas investors are piling into China aiming to fund the recent spurt of start-ups. These appear to be ambitions entrepreneurs and could be a new engine for China's economic development.