AKIPRESS.COM - China has targeted 7.5% GDP growth in 2014 as the government looks to steer the economy onto a more sustainable and balanced path. The new target was announced in the first work report by Prime Minister Li Keqiang at the annual session of the National People’s Congress, The Hindu reported.

Other key economic goals of China, such as consumer price index and unemployment rate, remain almost at the same level of last year. Prime Minster Li stressed the reform will focus on the most wanted areas, the most pressing problems and the sections having the biggest consensus.

Currently, China faces risks from public finance and banking; overcapacity, difficulties in exercising macro-controls and increasing agricultural output and rural incomes.

China, however, is able to maintain a moderate and even high economic growth for some time to come as industrialization and urbanization are continuing and there is considerable potential for regional development, Mr. Li noticed.

Tasks of tackling air, water and soil pollution, as well as conserving energy and reducing emissions remain arduous. Other problems include public dissatisfaction in housing, food and drug safety, medical services, old-age services, education, income distribution, land expropriation and resettlement, public order, frequent industrial accidents and the social credibility system.

China intends to speed up development of mixed-ownership economy by letting non-state capital into more state projects, including those in oil, railways and telecoms.

The railway investment and financing system are planned to be reformed as well. “We will improve the system for managing state-owned assets, clearly define the functions of different SOEs, and carry out trials of investing state capital in corporate operations,” the Chinese PM added.

China’s top oil refiner Sinopec announced in mid-February that it would bring in social and private capital to jointly market and sell its oil products, the first opening up of the largely monopolized sector.