China's growth can boost world economy: media

China's GDP target could be a modest boost for the global economy, Bloomberg reported.

China set its GDP growth target at around 5.5 percent for 2022. If achieved, that would be notably quicker than the 4.8 percent expansion forecast by the International Monetary Fund in January.

The Russia-Ukraine tensions could shave around one percentage point from global growth this year, Bloomberg said quoting banks such as J.P. Morgan. For the world economy, China growing 5.5 percent instead of 5 percent will add about 0.1 percentage points, according to Bloomberg Economics.

"Some modest additional stimulus this year would be welcome as the world is now facing increasing headwinds from geopolitical tensions," Bloomberg quoted David Dollar, a former US Treasury representative in Beijing now at the Brookings Institution.

In the Government Work Report delivered on Saturday, Premier Li Keqiang said China will continue to expand international economic and trade cooperation and push for in-depth reform and high-quality development by promoting opening-up to a high standard.

China is able to maintain its own cycle of monetary easing and will inject momentum into the world economy, China Daily earlier reported, adding the People's Bank of China, the country's central bank, may cut interest rates in the near term.