Editorial | Beijing clear on its development vision
- Work report not only targets economic growth of more than 6 per cent, but also details way ahead on issues such as innovation, environmental protection and social welfare
Two things set Premier Li Keqiang’s annual work report to the National People’s Congress apart. It is the first since China finally brought Covid-19 under control, releasing a brake on economic growth.
Secondly, it launched the next five-year plan and projected an image of further development in line with President Xi Jinping’s long-term vision to 2035. And it targeted economic growth this year of more than 6 per cent, which really sets a floor that Beijing needs to achieve, with no ceiling.
This reflects the impact of the pandemic, with China still facing weak consumption, but also shows confidence.
The minimum growth target may not sound very ambitious compared with some countries. But taking into account that they are bouncing back from negative growth while China was the only major economy to sustain growth during Covid-19, 6 per cent-plus looks relatively robust.
It has been left open-ended because the economy needs to gather momentum at the beginning of the 14th five-year plan. What is also different is that annual growth targets are not projected but subject to discussion between local and central government, a clear signal of a shift in focus to quality of growth.