Chinese media (Caixin) with a piece saying that despite the government not proposing to set targets for 2021 through 2025, targets have not been wholly scrapped.
Referring to remarks from Hu Zucai, deputy head of the National Development and Reform Commission.
HU says a numerical target for GDP growth has been abandoned. On the other hand, Premier Li Keqiang told the annual meeting of the National People’s Congress on Friday that the government is proposing a GDP growth target of “above 6%” for 2021. Which sounds like a target to me?
Anyway, back to Hu:
- There are other quantified targets — indicators like unemployment and carbon emissions that carry implications for the overall economic growth rate. The aim is to keep average annual growth in a “reasonable range” and to set a goal each year that is appropriate for the country’s economic situation at the time, he said, citing the draft outline of the plan.
- Policymakers are aiming to keep the increase in annual GDP in line with the economy’s potential growth rate, Hu said
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