China’s government is likely to set this year’s economic growth target in a range between 4.5 per cent and 5 per cent, according to three sources briefed on the matter.
Such a target would indicate a tolerance for a modest deceleration from last year’s 5 per cent gross domestic product growth as Beijing highlights the importance of “high-quality” development and urges local officials to embrace “the right concept of political performance”, the sources said.
The range, if confirmed, would serve as another indication of a tilt towards economic rebalancing and stability, both highly valued in the first year of a new five-year plan and even more so in advance of the ruling Communist Party’s next national congress, expected to take place in late 2027.
In broad terms, “the right concept of political performance” rejects the idea that economic growth should be the prime criterion used when assessing the performance of local government officials.
This year’s GDP growth target is expected to be unveiled at the annual meeting of the National People’s Congress in early March. It also provides guidance for local governments drafting their own economic plans, and is often revealed to related officials in briefings before its official release.
China has set and met an annual GDP growth of “about 5 per cent” for three consecutive years. The growth rate was 5.2 per cent in 2023 and 5 per cent in each of the past two years.
consumer prices, inflation, GDP growth target, consumer spending, Central Committee, Central Party School, consumer price growth, US tariff policies, Communist Party, International Monetary Fund, China, National People's Congress, domestic property market, Beijing, economic growth, deflation, GDP growth, Xi Jinping#Exclusive #China #set #GDP #growth #range #providing #policy #flexibility #sources1769120465
Beijing
Central Committee
Central Party School
China
Communist Party
consumer price growth
consumer prices
consumer spending
deflation
domestic property market
Economic growth
Exclusive
flexibility
GDP
GDP growth
GDP growth target
growth
Inflation
International Monetary Fund
National People's Congress
policy
providing
Range
set
sources
US tariff policies
Xi Jinping
