China's new Premier Li Qiang says achieving 5% GDP target this year not easy

China, the world's second-largest economy, last year reported a 3% GDP, the lowest in decades.

China's new Premier Li Qiang on March 13 said achieving the 5% GDP target for the slowing down economy is not an easy task and requires redoubled efforts but assured the country's tattered private sector better environment, broader space for development.

Li Qiang, the long-term aide of Chinese President Xi Jinping who succeeded Li Keqiang, in his first press conference, drew on Chinese folklore to demonstrate the country’s resilience in the face of difficulties but concedes the economy faces challenges.

Also read | Tracking the persistent growth of China

He acknowledged that achieving the 2023 gross domestic product (GDP) growth target of around 5% for this year on the current high base of China's economic output is not an easy task and requires redoubled efforts.

Playing down the importance of GDP, he said most people do not keep their eyes on GDP growth all the time.

China, the world's second-largest economy, last year reported a 3% GDP, the lowest in decades and the target of about 5% set for this year by Li Keqiang in his work report on March 5 is also the lowest in recent years.

“What people care more about are the things that happen in the everyday life such as housing, employment, income, education, medical services, and the environment,” Li said.