China Hints at Possibility of Setting Growth Rate Targets in 5-Year Plan

[Image source=AP Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] China has indicated its intention to present specific economic growth rate targets for the 14th Five-Year Plan (14·5 Plan) period from 2021 to 2025.

According to the South China Morning Post (SCMP) on the 31st, Ning Jizhe, Vice Chairman (Deputy Minister) of China's National Development and Reform Commission, stated at a press conference explaining the results of the 5th Plenary Session of the 19th Central Committee of the Communist Party of China (19th 5th Plenum) held in Beijing the previous day, "Relevant quantitative targets and specific indicators will be presented."

The Communist Party of China did not release specific economic growth rate targets for 2021 to 2025 in the communiqu? issued after the 19th 5th Plenum. Generally, the communiqu? contains only the key points of the meeting, so there is a possibility that the full 14·5 Plan to be announced later will include specific target indicators. The 14·5 Plan will be finalized after approval at the National People's Congress scheduled for March next year.

Experts are paying attention to whether China's economic growth rate target included in this plan will be lower than before. In the past, China set average annual economic growth rate targets of 7% and 6.5% for the 12th Five-Year Plan (2011?2015) and the 13th Five-Year Plan periods, respectively.

This content was produced with the assistance of AI translation services.