China targets GDP growth of more than 6pc in 2021

China has set a GDP growth target of over 6pc this year, premier Li Keqiang said today.

The target represents a strong rebound from Covid-19 pandemic-hit growth of 2.3pc in 2020, which was down from 6.1pc in 2019.

China chose not to set a GDP growth target last year amid the Covid-19 outbreak, which resulted in the country's first economic contraction for at least 50 years in the first quarter.

The target, announced at the start of the annual national people's congress today, is still below the IMF's forecast for 8.1pc growth in the Chinese economy this year.

China's economy is a major driver of global commodity demand. The country's crude imports rose by 7pc to 10.86mn b/d last year, even as world oil demand fell by an estimated 9mn b/d because of Covid-19.

China will set out an action plan this year to reach peak emissions before 2030, promote clean and efficient use of coal, as well as develop renewable energy and nuclear power, Li said.