China Premier Li Keqiang wants 7.5 percent average growth until 2020

Beijing, China (4E) – Chinese Premier Li Keqiang Sunday said he seeks to keep a stable economic growth rate for the world’s second-largest economy, while also emphasizing the need to create a stronger social safety net for his people.

The newly installed premier said China must keep an average 7.5 percent annual growth average through 2020, as the country looks to double per capita income during the same period.

Li also said that the country must improve its current retirement system, health and other benefit programs to ensure the security of society’s most vulnerable sectors.

From 2001 to 2011, the economy grew at an average of 10.4 percent a year. Former Premier Wen Jiabao said in his final annual report on March 5 that China’s growth model is unbalanced, uncoordinated and unsustainable.

Wen said that the country needs a social safety net covering the entire population and that the government must uphold social fairness.

Li also said that there should be austerity and economy in government spending. He also assured that as premier, Beijing will reduce its payroll and will refrain from building government buildings.

China’s five-year plan laid out in two years ago pushes for an economic development model focused on consumption.

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