Two classes: China units GDP goal of greater than 6% in 2021, declares Premier Li Keqiang
Premier Li Keqiang on Friday announced that China would target growth of more than 6% in the world’s second largest economy.
While China emerged from the global downturn caused by the coronavirus pandemic on surer footing than any other major economy, it still only grew 2.3% in 2020.
The new target is more than what China needs to accomplish to get back on track with President Xi Jinping’s long-term goal for the economy. To reach Xi’s plans to double GDP by 2035, China would need to grow a bit less than 5% this year, with similar growth through the next decade or so.
Li’s remarks came during China’s “Two Sessions” meeting, the country’s biggest political gathering of the year. Beforehand, there had been an intense debate in the country about whether to bring back a GDP target, which it abandoned last year for the first time in decades as the coronavirus took hold.
“In setting this target, we have taken into account the recovery of economic activity,” Li said on Friday, adding that the…
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