Amid a major overhaul of its top economic team, China’s lowest GDP growth target in decades means meeting it becomes a reasonable endeavour, says Coface chief APAC economist Bernard Aw.
Tech leaders who bore the brunt of regulatory tightening, like Tencent’s Pony Ma, were conspicuously absent. While platform Internet firms have been given some breathing room since, the regulatory environment is unlikely to return to the previous status quo.China’s slower growth expected as economy matures; increase in defence spending likely to continue: AnalystsWhile this year’s GDP growth projection of 5 per cent seems conservative, it can be interpreted as a minimum target.
The 2022 GDP growth of 3 per cent also provides a low comparison base, which should make meeting a 5 per cent growth rate a reasonable endeavour, setting up a positive start for the new economic leadership. This is important to allay concerns over the lack of national-level policymaking experience of the incoming premier, unlike every other premier since 1988, which will go some distance to improve the confidence of markets and investors in the new leadership.
, and a reshuffling of global supply chain, which contributed to the birth of the dual circulation growth strategy.
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