Beijing is targeting 6% GDP growth after suppressing coronavirus

China is targeting growth of at least 6% of the world’s second-largest economy this year, reflecting Beijing’s confidence in its successful containment of the colonavirus pandemic.

At the opening ceremony of the parliament on Friday, Prime Minister Li Keqiang welcomed China’s recovery from the “abnormal” year and said the government wanted to create at least 11 million urban jobs.

“In the face of the sudden epidemic of the coronavirus and the negative and serious consequences of the severe global recession, we Chinese responded with tremendous tenacity,” Lee told the delegation. It was.

About 5,000 representatives Assembled in Beijing For a week-long seat in the National People’s Congress, China’s Rubber Stamp Parliament, and sister’s “Consultation” Parliament.

Despite the challenges posed by the pandemic that was the first cause of the year-on-year change Decline in economic production In the decades of the first quarter of 2020, Li said last year 11.9 million jobs were created in cities. Economic growth also strongly rebounded, Economic expansion 2.3% for the whole year.

“A goal of 6% or more will allow us all to devote ourselves to promoting reform, innovation and high quality development,” Lee said. He added that the government was determined to “maintain sound economic growth.” 5-year plan It focuses on the “independence” of key technologies.

For this year’s parliamentary session, many officials and analysts have urged the government not to set official growth goals. This is a practice that has been widely criticized for leading to wasted spending.China’s economic recovery last year was driven primarily by investment and manufacturing Not consumption..

In support of these concerns, Prime Minister Lee said the government’s deficit would drop from 3.6% last year to 3.2% this year. This week, Guo Shuqing, one of the country’s most powerful economic officials, has a potential “foamFormed in the national financial and real estate markets.

“Authorities are determined to reduce the leverage of the economy and mitigate the risks of the financial system,” said Diana Choileva of Enodo Economics. “Coronavirus has canceled a gradual but good job over the past few years to pursue these goals.”

Jia Jinjing, a professor of economics at Renmin University of China, added that the government was unable to sustain the relatively loose fiscal and monetary policy unleashed in early 2020.

“Last year’s stimulus was needed to deal with the pandemic. It wasn’t a routine policy,” Jia said. “If you stick to easy fiscal and monetary policy, it will put a heavy financial burden on the government,” he said.

However, the Chinese government is also working on the goal of doubling the size of the economy by 2035, with most analysts predicting an average annual economic growth rate of 5% by 2025.

This year’s NPC session is in Beijing Ambitious climate goalsIncludes election legislation aimed at reaching peak carbon dioxide emissions by 2030 and reducing Hong Kong’s power Democracy activist In the territorial legislature and other local bodies.

Additional report by Xinning Liu in Beijing

Beijing is targeting 6% GDP growth after suppressing coronavirus

Source link Beijing is targeting 6% GDP growth after suppressing coronavirus

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