China unveils targets for 2015: Li Keqiang’s speech as it happened

Seven per cent – that is the much-awaited GDP target figure that Premier Li Keqiang is announcing this morning at the opening of the annual National People’s Congress. Figures were released to the media ahead of the speech.

Our correspondents on the ground and five commentators will be following the speech closely and giving their comments as Li addresses the 3,000-member delegation at the Great Hall in Beijing. The five commentators are: Zhao Xijun, professor of the School of Finance, Renmin University; Zhang Lifan, an independent Beijing-based scholar; Ye Haibo, professor of law at Shenzen University; Andy Xie, Shanghai-based independent economist, and Cary Huang, a veteran China journalist with the SCMP.

CONCLUSION

Li wrapped up his speech in under two hours, leaving much for analysts to interpret on the year ahead for China. The focus for today at least will be on the growth target and the immediate market sentiments. CPPCC chairman Yu Zhengsheng, anti-graft head Wang Qishan and Propaganda Chief Liu Yunshan beamed at Li as he concluded his speech. President Xi remained impassive, his expression hard to read, but he and Li began conversing soon after the speech. Xi also spoke to State Councillor Yang Jiechi, Minister for Public Security Guo Shengkun and President of the Supreme People’s Court Zhou Qiang behind him, and later shook hands with Zhou. The leaders were all smiles as they and the delegates began filing out of the Great Hall.

Over the next 10 days, until Sunday, the delegates will go into huddle-mode as they discuss the work report and the targets they must meet. At the end of the annual plenum, the delegates will cast a vote on whether to accept the targets and premier Li will give a wrap-up of this year’s congress, the equivalent of China’s parliament.

Are analysts and market watchers impressed? Find out in our reports online today and in print tomorrow.

Summing up his own assessment of the work report, independent scholar Zhang Lifan said: