China has set its gross domestic product (GDP) growth target for 2014 at 7.5 percent, the same as for 2013, and will keep consumer inflation at 3.5 percent, Chinese Premier Li Keqiang said on Wednesday.
His comments come as the country began its annual meeting of parliament, the National People's Congress.
"The work report reads as business as usual, it's a steady state-report," said Geoff Raby, Chairman and CEO of business advisory firm Geoff Raby & Associates. "The growth report was what they did last year and the year before, so if you track them over the years, you will see a continuity in policy. The leadership is sending a clear message that it's comfortable at where they are at present."
Li also said the government would push forward reform of the yuan exchange rate. Convertibility of the yuan on the capital account would be brought forward, he added. Broad M2 money supply growth would be kept at 13 percent.
The government also plans for a 15.3 trillion yuan ($2.5 trillion) budget in 2014, which would produce a deficit of about 2.1 percent of GDP, unchanged from the actual shortfall in 2013, the finance ministry said.
The country's top economic planning agency said in a report to parliament that the government will target 17.5 percent annual growth in fixed-asset investment and 14.5 percent in retail sales growth in 2014.