China eyes 6.5% annual growth rate, to add 50 million jobs by 2020

China is targeting an annual economic growth rate of 6.5% over the next five years. The announcement was made at China’s parliament, the National People’s Congress, when it opened its annual session. The government wants to add at least 50 million jobs in cities by 2020. By the same deadline, it’s targeting the completion of the second phase of its strategic petroleum reserve (SPR) stockpiling, while boosting natural gas and refined fuel reserves. It also wants to cap energy consumption in the country at five billion tonnes of standard coal equivalent, as well as cut energy intensity by 15% and carbon intensity by 18%. Other plans include allowing foreign investment into the banking, insurance, securities and elderly care sectors; as well as scrapping restrictions on foreign participation in services such as building design, accounting and auditing.

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