BEIJING: China's decision not to set an economic growth target for its new five-year plan will give policymakers more room to account for uncertainties and respond to changes, a senior state planner official said on Monday. In its 2021-2025 economic plan delivered to the nation's legislature on Friday, China did not include any average annual growth targets, unlike the previous five-year plan issued in 2016. It did, however, pledge to keep growth in a "reasonable" range over the five-year period and set an annual gross domestic product target of above 6% for the current year, having dropped the 2020 target last year amid global uncertainties caused by the pandemic. Hu Zucai, vice director of the National Development and Reform Commission, said on Monday predicting growth for an annual period contingent on the circumstances would be easier than setting targets over a five-year period. "By not setting a specific and quantitative (five-year) growth target, we will be more … [Read more...] about China’s shift away from 5-year targets raises policy flexibility
Owing to the effects of the COVID-19 pandemic, 2020 was an uneasy year for the world, especially for the global economy. Against a background of severe and complicated situation abroad, and arduous reform tasks at home, China's hard-won positive economic performance (mentioned by Premier Li Keqiang in this year's Government Work Report) received considerable attention and appreciation worldwide. Three major factors are key to China's efforts for sustainable growth this year. First, thanks to the effective measures of epidemic prevention and control last year, the country's stable economic growth and social development have laid a solid foundation for its manufacturers to export more products to the global market. With its economy entering a normalized growth track, China's foreign trade will be firmly supported by stable supply and industrial chains, ensuring supply capacity for its exports and further expanding domestic demand. Second, there is an opportunity in the enhanced … [Read more...] about China’s growth gives impetus to global economy
BEIJING: China’s top economic official announced a healthy growth target for the nation Friday and its plans to become a more self-reliant technology leader amid tension with Washington and Europe over trade, Hong Kong and human rights. The ruling Communist Party is aiming for economic growth of “over 6 percent” as it rebounds from the coronavirus, Premier Li Keqiang said in a speech to China’s ceremonial legislature. Some 3,000 delegates gathered for its annual two-week meeting, the year’s highest-profile political event, under intense security and anti-virus controls. The party is shifting from fighting the virus that emerged in central China in late 2019 back to its longer-term goals of becoming a global competitor in profitable technologies and promoting self-sustaining growth based on domestic consumer spending instead of trade and investment. The National People’s Congress’ (NPC) annual meeting usually focuses on domestic issues but increasingly is overshadowed by … [Read more...] about China targets 6.1% GDP growth in 2021
Video Player Close -- China's defense budget is around one-quarter of the U.S. figure. -- Since dropping to 7.6 percent in 2016, China's annual defense budget growth rate has remained under 10 percent for six consecutive years. -- Never seeking hegemony, expansion or spheres of influence is the distinctive feature of China's national defense in the new era. -- The United States appears to be the real threat to world peace. BEIJING, March 8 (Xinhua) -- A draft budget report submitted to China's top legislature has unveiled the country's planned military spending for this year. In 2021, China's defense budget will be around 1.35 trillion yuan (about 200 billion U.S. dollars), up 6.8 percent from last year. Is China's military spending too hefty? Is the figure growing too fast? Is the so-called "Chinese military threat," as hyped by some Western politicians and media outlets, well-grounded? The answer is no. The national flag guards march from the … [Read more...] about Explainer: Is China ramping up military spending?
Video Player Close Aerial photo taken on Aug. 13, 2020 shows a view of Shenzhen, south China's Guangdong Province. (Xinhua/Mao Siqian) BEIJING, March 8 (Xinhua) -- China will take more measures to restructure its industry and energy mix in a greener way, and this will lay a solid foundation for peaking carbon dioxide emissions by 2030 and achieving carbon neutrality by 2060. Over the next five years and beyond, China will control the aggregate amount and intensity of energy consumption, reduce the use of fossil energy and advance the low-carbon transition of sectors including industry, construction and transportation, according to the draft outline of the 14th Five-Year Plan (2021-2025) for national economic and social development and the long-range objectives through the year 2035. "The government will support related regions where conditions permit to take the lead in peaking carbon emissions ahead of schedule," said the outline unveiled during the ongoing "two … [Read more...] about Economic Watch: China’s new five-year blueprint paves way for 2060 carbon-neutrality