To achieve the 2023 gross domestic product (GDP) growth target of around 5 percent on the current high base of China's economic output is no easy task and requires redoubled efforts, Premier Li Qiang said Monday.
Li said stabilizing economic growth is a challenging task not just for China but for all countries in the world this year given the many factors of uncertainty and instability.
China will keep to the general principles of prioritizing stability and seeking progress while maintaining stability, and push for a turnaround in the country's overall economic performance, Li told a press conference held after the conclusion of the first session of the 14th National People's Congress, China's top legislature.
On stability, the emphasis will be placed on ensuring stable growth, employment and prices, and the key to seeking progress lies in making new advancement in high-quality development, he said.
China will make good use of a number of policy mixes in leveraging macro policies, expanding demand, advancing reform and innovation, and preventing and defusing risks, Li said, adding that the country will enrich, adjust and improve these policies in the course of implementation.
Li pointed out that China's development is supported by multiple advantages, including a vast market, a complete industrial system, abundant human resources, solid foundation for development, and most importantly, notable institutional strength.
Noting that China's economy is stabilizing and picking up in the past two months and some international organizations have raised their projections for China's economic growth this year, Li said he is fully confident in the prospect of the country's economy.