China's new Premier Li says achieving 5% GDP target this year not easy

China's new Premier Li Qiang on Monday said achieving the five per cent GDP target for the slowing down economy is not an easy task and requires redoubled efforts but assured the country's tattered private sector better environment, broader space for development.

Li Qiang, the long-term aide of Chinese President Xi Jinping who succeeded Li Keqiang, in his first press conference, drew on Chinese folklore to demonstrate the country's resilience in the face of difficulties but concedes the economy faces challenges.

He acknowledged that achieving the 2023 gross domestic product (GDP) growth target of around five per cent for this year on the current high base of China's economic output is not an easy task and requires redoubled efforts.

Playing down the importance of GDP, he said most people do not keep their eyes on GDP growth all the time.

China, the world's second-largest economy, last year reported a three per cent GDP, the lowest in decades and the target of about five per cent se