BEIJING—China’s leadership tried to quell anxiety about its slowing economy following financial turmoil and rising labor unrest as it cut its growth target Saturday and promised to open oil and telecoms industries to private competitors in sweeping industrial reforms.
Premier Li Keqiang announced a growth target of 6.5 to 7 percent in a report to the national legislature on Beijing’s plans for the year. That was down from last year’s “about 7 percent” and reflects the ruling Communist Party’s marathon efforts to replace a worn-out model based on trade and investment with more self-sustaining growth driven by consumer spending.
Li, the top economic official, warned China faces “more and tougher problems” including weak export demand. But he expressed confidence communist leaders can maintain stable growth.
“China has laid a solid material foundation and its economy is hugely resilient,” the premier said in an address to nearly 3,000 delegates to the National People’s Congress. “As long as we work together as one to surmount all difficulties, we will definitely achieve the targets for economic and social development in 2016.”
In Li’s broad-ranging speech, which listed accomplishments of the past year and priorities for the coming year, the premier also said that Beijing will “oppose separatist activities” in Taiwan, the self-ruled island Beijing claims as part of its territory. He announced no new initiatives following the January election of Taiwanese President Tsai Ying-wen, who takes office in May.
A separate budget report released Saturday confirmed a 7.6 percent increase in military spending, which comes at a time of tension with China’s neighbors over disputed portions of the South China Sea.
