China has set a modest annual economic growth target, at above 6 percent, as the world’s second-biggest economy emerged from a year disrupted by the effects of COVID-19. In 2021, China will also aim to create more than 11 million new urban jobs, up from an objective of creating more than nine million new urban jobs last year. Also in keeping with an improving economy, the government is aiming for a 2021 budget deficit of about 3.2 percent of GDP and consumer price inflation of approximately 3 percent. It also said it will increase its annual research and development spending by more than 7 percent over the next five years, with expenditure on basic research increasing by 10.6 percent.