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China GDP: Beijing strikes cautious note with ‘around 5.5 per cent’ economic growth target
- Lowest annual gross domestic product (GDP) target since 1991 is still on higher end of expectations and comes as markets are roiled by Ukraine crisis
- Despite China’s experience in tackling major risks, great efforts will be needed to achieve the target, Premier Li Keqiang tells lawmakers
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China aims for modest 5.5% GDP growth in 2022, citing economic pressures
China aims for modest 5.5% GDP growth in 2022, citing economic pressures
China struck a cautiously confident tone for its economic growth to lead the post-pandemic global economic recovery, while appearing to acknowledge the challenges posed by growing disruption from geopolitical conflicts.
China set its gross domestic product (GDP) growth target for 2022 at “around 5.5 per cent”, or the upper end of the market forecast, according to the government work report delivered by Premier Li Keqiang to an annual legislative meeting on Saturday.
However, it also sounded the alarm about increasing headwinds.
Without mentioning external challenges such as Beijing’s rivalry with the US and market disturbances sparked by Russia’s invasion of Ukraine, Li said China had enough experience to address major risks and retained market potential, but great efforts would still be required to achieve the target.
The latest report also emphasised Beijing’s aim that “the normal order of work and life must be ensured” as the Covid-19 pandemic drags on, with more targeted disease control.
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