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China five-year plan targets 6.5 percent growth, services, 50 million city jobs
March 5, 2016 / 3:29 AM / 2 years ago

China five-year plan targets 6.5 percent growth, services, 50 million city jobs

BEIJING (Reuters) - China’s parliament, the National People’s Congress, opened its annual session on Saturday.

Following are highlights from the government’s five-year plan report.

FIVE-YEAR PLAN

- To target average annual GDP growth at or above 6.5 pct over next 5 years.

- To increase services’ contribution to economic growth.

- To improve operation, management of forex reserves.

- To improve structure of home supplies, main stable operation of housing market.

- To add at least 50 million jobs in cities by 2020.

- To realize yuan convertibility on capital account in orderly manner.

- To allow more foreign investment into banking, insurance, securities, elderly care sectors.

- To scrap restrictions on foreign participation in services including building design, accounting and auditing.

- To complete second-phase strategic petroleum reserve (SPR) stockpiling by 2020, boost natural gas, refined fuel reserves.

- To cap energy consumption at 5 billion tonnes of standard coal equivalent by 2020.

- To cut energy intensity by 15 pct, carbon intensity 18 pct by 2020.

Reporting by Jake Spring, Niu Shuping and Shao Xiaoyi; Editing by Eric Meijer

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