Its Over, page-3554

China to reconsider economic growth target

Luke Housego AFR

The Chinese leadership is considering ditching a quantitative economic growth target ahead of the annual National People's Congress scheduled for later this month, according to a Bloomberg report citing sources familiar with the matter.
Before the COVID-19 pandemic crushed economic growth, the Communist Party of China had been tracking toward a long held goal of doubling gross domestic product in the decade from 2010, a goal that Xi Jinping assumed when appointed president in 2013.
On conclusion of China's annual economic planning meeting, the Central Economic Work Conference, in December last year, the state-owned Xinhua news outlet wrote that the country had been on track to meet the goal, adding that policy had been set for 2020 that would see the objective met.

The broad policy objective is known as "xiaokang shehui" or building of a moderately prosperous society.

No specific GDP target was announced after the annual planning meeting but a growth goal of “around 6 per cent” was expected, according to the South China Morning Post, which was expected to see the goal of doubling economic output by the end of 2020 achieved.

After the economic disruption caused by COVID-19 however, the growth target expected after the National People's Congress - scheduled to start on May 22 - may not include a numerical target but rather a qualitative growth objective, Bloomberg wrote.


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Translation: With uncertainties abound (including China's standing in the international community), China's reassessment of its future economic prospects is bleaker (sorry I can't give you a number), shifting to second gear and would not replicate the economic miracle of the past decade, so its citizens must accept a lower but sustainable growth.

And because our economy is reliant and skewed towards China's prospect, we too are likely to face the same outlook.

In the words of Immortal Joe (Mad Max),