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China sets growth target of about 7 percent for coming year

Jun Lei, CEO of Chinese smartphone company and a delegate to the National People's Congress, poses for a selfie as he talks to journalists gathered outside the Great Hall of the People in Beijing, Wednesday, March 4, 2015. Thousands of delegates from all over the country are in the Chinese capital this week to attend the Chinese People's Political Consultative Conference and the National People's Congress. (AP Photo/Ng Han Guan) Jun Lei, CEO of Chinese smartphone company and a delegate to the National People's Congress, poses for a selfie as he talks to journalists gathered outside the Great Hall of the People in Beijing, Wednesday, March 4, 2015. Thousands of delegates from all over the country are in the Chinese capital this week to attend the Chinese People's Political Consultative Conference and the National People's Congress. (AP Photo/Ng Han Guan)

By Associated Press March 4, 2015 1 min read

BEIJING (AP) – China has set an official economic growth target of about 7 percent for this year, according to a work report to be delivered Thursday by the country’s premier.

The announcement by Li Keqiang is in line with government plans to guide the world’s second-largest economy to lower, more sustainable growth. Last year’s target was 7.5 percent, though actual growth came in at 7.4 percent, the lowest since 1990.

“A growth rate of approximately 7 percent will ensure ample employment,” Li said in the report. “This target is both aligned with our goal of finishing building a moderately prosperous society in all respects and is appropriate in terms of the need to grow and upgrade our economy.”

The inflation target for the year will be kept at about 3 percent, said the report, to be delivered at the start of the annual National People’s Congress.