Bounces of China with the goal of economic growth above 6% Published 1 day agosharecloshare pagecopy linkabout sharingrelated Topics
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    China is pointing at an economical growth rate above 6% by 2021, after discarding its goal last year.

    China's prime minister, Li Keqiang announced the goal on Friday at the opening of this year's National Popular Congress.

    The objective marks a return to strong growth after the Covid-19 pandemic impacted the world. Second largest economy.

    Although China's economy grew last year, it only achieved a growth of 2.3%, its weakest result in decades.

    The new objective highlights the strong rebound of the Chinese economy after the pandemic stops led to a strong contraction of 6.8% in the first quarter of 2020.

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    The economy grew up in the second half of 2020, and China was the only major global economy to publish profits for the year, although they were thin compared to previous years.

    Now the government hopes to continue that rebound.

    "An objective of more than 6% will allow us to devote total energy to the promotion of high-quality reform, innovation and development," said Prime Minister Li Keqiang.

    "In configuration of this objective, we have taken into account the recovery of economic activity."

    For some measures the objective appears modest, falling well below the estimate of the International Monetary Fund of 8.1% growth for China's economy this year.

    Other analysts are also tilting a stronger growth.

    "The consensus for the year is approximately 8% -9%, but this comes from a low base. The approach remains quality against the amount of growth," said Catherine Yeung, director of Investments in Fidelity International in Hong Kong.

    In an analyst note, Bruce Pang of the China Renaissance Investment Bank said that the most flexible goal leaves a little space for structural reform and a transition to a more mature economy.

    "We think that it is likely that the goal was achieved, which indicates that the authorities are changing the approach to the quality of growth instead of speed," he said.

    Mr. Li also established an objective urban unemployment rate of around 5.5%, with an objective of more than 11 million new urban jobs, more than nine million last year.

    A budget deficit objective of around 3.2% of the gross domestic product is also established.

    However, the Ministry of Finance expressed concern about the State of the Government's budget.

    "The perspective for government revenues and expenses in 2021 seems quite serious, with a difficult difficulty when balancing budget and risks in key areas, such as debt that can not be ignored", He said in a report published at the beginning of the meeting.

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