Mainland Sets Economic Growth Target At 6.5 Pct

The mainland's economy is expected to grow by around 6.5 percent this year, with inflation rising by about 3 percent.

The forecasts were revealed as Premier Li Keqiang delivered his annual work report at the Great Hall of the People at the opening of the annual National People's Congress.

Last year, China’s economy grew by 6.9 percent, better than the forecasted 6.5 percent, it was also the first acceleration in growth after 2010.

The premier said the targets took into the consideration the need to secure a "decisive victory" in building a moderately prosperous society. He said GDP growth of around 6.5 percent will allow the mainland to achieve relatively full employment.

Li said while the global economy is expected to continue its recovery, the rise of protectionism as well as other geopolitical risks, bring both instability and uncertainty to the equation. He warned that China's economy will have to face "risks and challenges, some foreseeable and others not."