Govt lays outs its economic plan for 2023

China has set its GDP growth target at around 5 percent for 2023 with intensified and more targeted macroeconomic policies to promote a stable economic growth, according to the Government Work Report delivered by Premier Li Keqiang at the opening of the first session of the 14th National People's Congress in Beijing on Sunday.

The country pledged to enhance the intensity and effectiveness of a proactive fiscal policy and to implement prudent monetary policy in a targeted way, according to the report, which has been submitted to the country's the top legislature for deliberation.

China has also raised its projected deficit-to-GDP ratio to 3 percent for 2023 and targeted an inflation rate of around 3 percent for this year, according to the report.

Meanwhile, the country aims to create around 12 million urban jobs in 2023 and target a surveyed urban unemployment rate of around 5.5 percent.

The government will also keep renminbi exchange rate generally stable at adaptive and balanced level and will effectively prevent and defuse major financial risks.

China will also continue to encourage and support the development of the private sector and to intensify efforts to attract foreign investment, said the report.