Economy: China: “More than five percent” growth as the goal

China: “More than five percent” growth as the goal

Prime Minister Li Keqiang is confident that the goals for this year will be achieved. Photo: Shen Hong / XinHua / dpa

© dpa-infocom GmbH

China is aiming for growth of over six percent this year. For the coming year, the target will be scaled down a bit – “in order to achieve high-quality growth”, according to an economic researcher.

China expects slower growth next year.

During the Communist Party’s Politburo annual deliberations on economic policy for the coming year, a leading state think tank proposed setting a lower growth target of “more than five percent”. The reason is the ongoing pandemic and high raw material prices, said Li Xuesong, an economic researcher at the Academy of Social Sciences (CASS), according to state media.

This gives leeway: “It would allow all parties involved to focus on promoting reform and innovation in order to achieve high-quality growth,” said Li Xuesong. This year, China is aiming for growth of “more than six percent”. At an evening meeting with heads of major business organizations, Prime Minister Li Keqiang said he was confident that the goals for this year would be achieved.

The prime minister expects a “long-term healthy development”. “The Chinese economy is resilient and has potential,” said Li Keqiang according to official information. “China is able to deal with short-term economic fluctuations.” The CASS economic researchers recommend an inflation target of again around three percent, a budget deficit of around three percent and the creation of eleven million jobs in cities for his 2022 economic plan.


source site-4