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China is on the way to exceeding its economic growth target in 2021

According to government officials and experts, China is on the road to achieving economic growth far beyond this year’s target at controllable inflation levels, despite the threat of COVID-19 variants and supply constraints. Is proceeding. Deputy Prime Minister Liu He said the economy is recovering continuously this year and annual gross domestic product (GDP) growth is projected to exceed expectations.

Indicators of growth, employment, prices and international payments have remained at normal levels overall since the beginning of the year, Liu said in a recent speech at the Hamburg Summit via videolink.

China’s annual economic growth target has been set at over 6% this year. With 9.8% year-on-year growth in the first three quarters of this year, the world’s second-largest economy is expected to achieve GDP growth of about 8% annually, experts said in official Chinese English. It is reported that he said it. Everyday language.

Despite the threat of COVID-19 variants and supply constraints, China is on the path to curbing inflation and achieving economic growth far beyond this year’s targets, according to government officials and experts. I’m on the way. Deputy Prime Minister Liu He said the economy is recovering continuously this year and GDP growth for the full year is expected to exceed expectations.

KPMG China’s Chief Economist, Kang Young, said strong export growth helped the continued recovery of industrial production and manufacturing investment.

“Despite the emergence of Omicron mutants, China’s GDP growth forecasts for this year and next year have not changed. Unless coronavirus is controlled worldwide, new mutants are expected to emerge. “I was told that Kang said.

Unless Omicron proves to be much more contagious than the Delta mutant, its economic impact should be less than the latter, as the world gains experience dealing with pandemics while increasing vaccination rates. Mr. Kang said.

“I don’t think the Chinese economy is facing stagflation,” Kang said. Consumer inflation is modest, while industrial product prices are beginning to subside as electricity and commodity supplies recover. He said it was up to.

Looking ahead to next year, the Deputy Prime Minister said China will maintain macro-policy continuity, stability and sustainability, make further efforts to revitalize micro enterprises, and provide a better development environment for SMEs and foreign enterprises. rice field.

Hu Yifan, head of macroeconomics for the Asia-Pacific region of UBS Global Wealth Management, said Liu’s remarks could moderate the Chinese government’s moderate relaxation of next year’s macroeconomic policies to avoid a sharp economic slowdown. He said it indicates that there is, but aggressive stimulus measures will not be emphasized. About policy stability.

Fiber2Fashion News Desk (DS)



China is on the way to exceeding its economic growth target in 2021

Source link China is on the way to exceeding its economic growth target in 2021

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