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China plans to run its biggest budget deficit in 2015 since the global financial crisis, stepping up spending as premier Li Keqiang signaled that the lowest rate of growth in a quarter of a century is the "new normal" for the world's No. 2 economy.Speaking at the opening of the country's annual parliamentary meeting Thursday, Li announced a growth target of around 7 percent for this year, below the 7.5 percent goal that was narrowly missed in 2014 .China's economy grew 7.4 percent last year, robust by global standards but still the slowest in 24 years.With deflationary pressures mounting after a tumble in commodity prices, Li said China would also lower its 2015 inflation target to around 3 percent from 3.5 percent in 2014 .With Communist Party leaders ever mindful of social stability, Li said China aimed to create more than 10 million new jobs in 2015 and would ensure the jobless rate does not exceed 4.5 percent.China targeted a registered urban unemployment rate of 4.6 percent last year.
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