(Yicai Global) March 6 -- The Chinese government’s economic growth target of around 5 percent for this year is in line with the country’s economic trends and development patterns, according to the deputy director of the National Development and Reform Commission.

The goal, which was laid out at the ongoing annual meetings of China's top political and legislative bodies in Beijing, is also conducive to guiding all parties to pay more attention to improving the quality and efficiency of economic development, said Zhao Chenxin.

Twenty-seven out of China’s 31 provinces have set their gross domestic product growth targets above the national goal and 23 of them are aiming for 5.5 percent and above, Zhao said. Growing confidence in economic development and pragmatic initiatives taken by provincial-level governments have laid the foundation for the national target to be achieved.

Other targets for the year set out at the Two Sessions are keeping the urban jobless rate at around 5.5 percent, creating about 12 million new jobs in cities, maintaining consumer inflation at about 3 percent, keeping food production above 650 million tons, ensuring that the growth of people’s income is in tandem with economic growth, keeping imports and exports stable, and maintaining a balanced balance of payments.

Consumer prices in China are facing a number of uncertainties such as geopolitical turmoil and the risk of imported inflation, said Li Chunlin, deputy director of the NDRC. However, China has sufficient supply of commodities and there is strong energy security, which lays a solid foundation for stable prices, Li said. The country has produced more than 650 million tons of grains for years and pig supply is also abundant.

The government should stabilize coal production, boost reserves as well as continue to regulate coal prices and keep them within a reasonable range, Li said. It should also ramp up the exploration and development of oil, gas and mineral resources in the country to bolster reserves, hike production and enhance energy security, he added.

The government should strengthen supervision of the spot futures market and crack down on hoarding, price gouging and other unlawful behavior, he added.

Editor: Kim Taylor