China sets 2022 GDP growth target at around 5.5%

China has set its gross domestic product growth target at around 5.5 percent for 2022, according to a government work report submitted on Saturday to the national legislature for deliberation.

China has set the ratio of its deficit to gross domestic product at around 2.8 percent for 2022, slightly lower than last year, according to the government work report.

China aims to create over 11 million new urban jobs and targets a surveyed urban unemployment rate of no more than 5.5 percent for 2022.

China has set its inflation target, or increase in consumer price index (CPI), at around 3 percent for 2022.

Chinese economy is facing the triple pressures of shrinking demand, disrupted supply and weakening expectations.

The fundamentals of China's economy remain unchanged, and they will maintain long-term growth.

China boasts multiple favorable conditions for sustained development, including huge potential for starting businesses and engaging in innovation, and has accumulated rich experience in handling major risks and challenges, the report said.

There is no doubt but that China's economy will withstand any downward pressure and continue growing steadily long into the future, it added.