5.5% growth target 'carries more weight', premier says

China's GDP growth target of around 5.5 percent "carries more weight" despite a slowdown from last year, reflecting the country's pursuit of steady economic progress on a high base, Premier Li Keqiang said on Friday.

Meeting such an annual GDP growth rate target means the country will add nominal output of about 8-9 trillion yuan ($1.27-$1.42 trillion) this year, compared with only 6 to 7 trillion yuan a decade ago (if the then yearly GDP growth target was achieved), Li said.

"A slower growth on the surface actually now carries more weight," Li said at a news conference in Beijing on Friday after the closing of the fifth session of the 13th National People's Congress.

The output increment represented by China's growth target this year is also equivalent to the output level of a medium economy, Li said.

Achieving this year's growth target is not easy given emerging downward pressures and rising uncertainties. It entails macroeconomic policy support, according to Li, who added that the country will beef up fiscal spending to support tax cuts and refunds.

Li added that the policies set for this year are also sustainable and have taken into account long-term development needs.

"We will address issues rising in the course of development through development," he said, adding that China will take measures to cope with challenges such as climate change, income gap and debt both in this year and beyond.