Chinas policymakers are close to setting an average annual economic growth target of around 5 for the next five years, at the lower end of ranges previously considered as global risks cloud the outlook, policy sources said.
Beijing is looking to set a more flexible growth target for the 14th fiveyear plan to hedge against external risks caused by the pandemic and rifts with the United States, three people involved in internal discussions said following last weeks agendasetting leadership meeting.
No decisions have yet been made as the government is still drafting detailed economic and social development goals under the fiveyear plan, taking their guidance from top Communist Party leaders, they said.
At last weeks meeting, President Xi Jinping and others laid out a blueprint for Chinas fiveyear plan and key objectives for the next 15 years. They include a goal to turn China into a high income nation by 2025 and advance to a moderately developed nation by 2035, which implies income of more than 20,000 per person.
The World Bank defines high income countries as those with per capita gross national income of above 12,535. Chinas per capita income reached 10,410 in 2019, according to the World Bank.
Such objectives should be expressed in numbers. We still need a key indicator for economic development during the 14th fiveyear plan period, said a policy source.
We will have a GDP target and it could be around 5.
Government thinktanks and economists had previously made…