China targets economic growth of around 5 pct in 2025

China targets economic growth of around 5 percent in 2025, according to a government work report delivered by Chinese Premier Li Qiang at the opening meeting of the third session of the 14th National People's Congress (NPC) on Wednesday.

China's national legislature opened its annual session Wednesday morning at the Great Hall of the People in Beijing.

Chinese President Xi Jinping and other leaders attended the opening meeting.

"The main targets for development this year are projected as follows: GDP growth of around 5 percent; surveyed urban unemployment rate of around 5.5 percent; over 12 million new urban jobs; Consumer Price Index (CPI) increase of around two percent; growth in personal income in step with economic growth; a basic equilibrium in the balance of payments; grain output of over 700 million metric tons; a drop of around three percent in energy consumption per unit of GDP; and continued improvements in the environment," said Premier Li when delivering the report on behalf of the State Council.

Japan's benchmark yield on newly issued 10-year government bonds on Thursday briefly rose to 2.515 percent in the domestic bond market, hitting its highest level since February 1999.

The 10-year bond yield serves as a key indicator of long-term interest rates in Japan.

Against the backdrop of sustained turmoil in the Middle East, investors anticipate that high oil prices could exacerbate inflation in Japan. As a result, government bonds of various maturities have been widely sold off in the Tokyo bond market in recent days, driving long-term bond yields higher.

Bond prices and yields move in opposite directions. When investors actively purchase government bonds, prices rise and yields fall. Conversely, when bonds are sold off, prices drop and yields increase.