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China sets 2021 GDP growth target of more than 6% as premier warns of ‘formidable tasks’ in finance

BEIJING — Chinese Premier Li Keqiang announced Friday the world’s second-largest economy would target growth of over 6% for 2021.

The Chinese government kicked off its “Two Sessions” annual parliamentary meeting this week for approving national priorities for 2021. This year’s gathering will last just about a week.

The political advisory body, the Chinese People’s Political Consultative Conference, held its opening ceremony Thursday. The National People’s Congress legislature began its annual gathering on Friday.

The gathering of delegates, known as the “Two Sessions,” has overseen such changes as President Xi Jinping‘s abolition of term limits in 2018 and the proposal for a new security law for Hong Kong last year.

The otherwise generally symbolic meeting takes on particular significance this year as it marks the beginning of China’s five-year development plan — the 14th such in the country’s history. It is also the 100th anniversary of the ruling Communist Party.

Authorities are expected to lay out details on topics ranging from employment targets to management of the semi-autonomous region of Hong Kong.

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