China approves new five-year plan as Li reassures on economy

China's Premier Li Keqiang has said China's economic growth will stay on track, as the annual meeting of parliament draws to a close. The National People's Congress ended with the adoption of a new five-year plan for the economy, aiming for 6.5-7% growth a year by 2020.

The closing of the National People's Congress meeting on Wednesday was attended by President Xi Jinping and Premier Li Keqiang

Measures include cutting high debt, streamlining state-owned enterprises, and reforming financial markets. China has been facing a period of slower growth and market volatility.

The plan, laid out by Communist Party leaders, received unanimous approval from delegates at the largely rubber-stamp NPC.

• Rare act of dissent at China's annual parliament

At his annual press conference later, Mr Li stressed the importance of reforms to economic vitality.

He acknowledged there would be job losses as reforms were made to state-owned enterprises, particularly in the steel and coal industries, but said there would be no mass redundancies.

The economy would "not suffer a hard landing, we have full confidence in the bright future of the Chinese economy".