China Considering 5-Year Growth Target of About 5%, Reuters Says
China is close to setting a target for average annual economic growth of around 5% for the next five years.
(Bloomberg) --
China is close to setting a target for average annual economic growth of around 5% for the next five years, Reuters reported, citing unidentified policy sources.
No decisions have been made yet as the government is still drafting economic and social development goals through 2025, according to Reuters.
China’s Communist Party published a broad outline of its five-year plan last week, which stressed the need for quality growth over speed. The economic planning agency has said it will propose numerical targets for the economy through 2025, although those are unlikely to be released before the annual parliament meeting, which is usually in March.
Growth is forecast to expand only 2.1% this year before picking up to 8% next year as the economy rebounds from the coronavirus shutdown, according to a Bloomberg survey of economists. President Xi Jinping has said the economy could double in size in the next 15 years, implying an annual growth rate of about 4.7%.
China had been expected to set a target of “around 6%” growth this year, before that plan was derailed by the Covid-19 outbreak.
©2020 Bloomberg L.P.
With assistance from Bloomberg