ThegiantconsequencesofChina’s6.5%-7.0%growthtarget-PeoplesDailyOnline

Wednesday, Mar. 9, 2016SearchArchiveEnglishChineseJapaneseFrenchSpanishRussianArabicKoreaGermanPortugueseHomeOpinionsBusinessMilitaryWorldSocietyCultureTravelScienceSportsSpecial CoveragePhotoVideoEnglishChina PoliticsThe giant consequences of China’s 6.5%-7.0% growth target(China.org.cn)    09:21, March 09, 2016 Chinese President Xi Jinping joins a group deliberation of deputies from Heilongjiang Province to the annual session of the National Peoples Congress in Beijing, capital of China, March 7, 2016. [Xinhua/Lan Hongguang]The economy tops the agenda at this years National Peoples Congress (NPC) with a focus on both prospects for 2016 and the 13th Five Year Plan for 2016-2020. Discussion on both was framed by two major events. On March 4, Chinese President Xi Jinping made key statements on Chinas long term economic strategy while attending a panel discussion at the annual meeting of the Chinese Peoples Political Consultative Conference (CPPCC). On March 5, Premier Li Keqiang delivered the governments work report to the NPC focusing on medium to short term targets. The relation between the two was clear.At the CPPCC, Xi Jinping reiterated that Chinas fundamental economic structure would continue to be based on “diverse” forms of ownership which would develop side by side with a state sector that would play the “dominant” role – a firm restatement of Chinas fundamental economic strategy since reform was launched in 1978. This economic structure generated in 1978-2015 an average annual GDP growth of 9.6 percent – the fastest sustained expansion by a major economy in history.Xi Jinpings emphasis may be placed in the context of two statements he made in November. At a politburo study session Chinas president emphasized that a Marxist political economy would continue to guide Chinas economic policy. Following a meeting of the Communist Party of Chinas Central Committee, the president stated that economic growth during the 13th Five Year Plan period must average “at least 6.5 percent.”Premier Li Keqiangs work report to the NPC outlined medium to short term projections within these fundamental parameters. As the international media focused attention on 2016s growth target of 6.5-7.0 percent, and the Five Year Plans minimum annual 6.5 percent, these will be analyzed first.Qualitatively, Chinas target is to achieve a “moderately prosperous” society by 2020. This translates into the Five Year Plans arithmetic.To achieve “moderate prosperity,” the previous 12th Five Year Plan set the goal of doubling GDP for 2010-2020 – requiring a 7.2 percent annual average growth over the decade. However, in 2010-15 growth was faster than the targeted rate – averaging 7.8 percent. To complete the goal by 2020 now requires 6.5 percent growth. This constitutes the basis of the “at least 6.5 percent” target during the 13th Five Year Plan reiterated in Li Keqiangs government report. The 2016 growth target is to meet or exceed the annual rate required to achieve “moderate prosperity” by 2020.Both the Five Year Plan and 2016 targets are aimed at achieving their goals without economic overheating. In 2016, inflation is forecasted at 3 percent, accompanied by a budget deficit of 3 percent of GDP – modest by current international standards. Environmental protection is emphasized with energy consumption per unit of GDP targeted to fall by 3.4 percent in 2016. The Five Year Plan, for the first time, incorporates a total cap on annual energy consumption – an equivalent of 5 billion metric tons of coal by 2020. To sustain technological innovation, R&D expenditure will rise from 2.0 percent of GDP in 2015 to 2.5 percent by 2020.(For the latest China news, Please follow Peoples Daily on Twitter and Facebook)(Editor:Ma Xiaochun,Bianji)Add your comment/* * * CONFIGURATION VARIABLES: EDIT BEFORE PASTING INTO YOUR WEBPAGE * * */var shortname=window.location.host;var disqus_shortname=;var disqus_identifier=;if (shortname==en.people.cn){disqus_shortname=enpeople;disqus_identifier = 9027407;}/* * * DONT EDIT BELOW THIS LINE * * */(function() {var dsq = document.createElement(script); dsq.type = text/javascript; dsq.async = true;dsq.src = // + disqus_shortname + .disqus.com/embed.js;(document.getElementsByTagName(head)[0] || document.getElementsByTagName(body)[0]).appendChild(dsq);})();Please enable JavaScript to view the comments powered by Disqus.Related readingLi stresses the course for growthXi pushes Heilongjiang growthChina’s promising, reality-based economic futureReality Check: Government Targets and AchievementsGrowth must be at least 6.5%, economists saySustainable Growth Tops Agenda of G20 MeetingChinas manufacturing hub reports robust GDP growthChina to see sound consumption growth in 2016: Commerce ministerChina to carry out agriculture reforms to boost growthChina to reform old, boost new growth engines: premierWe RecommendChina has worlds largest high-speed rail network
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