BEIJING : China is becoming increasingly ambitious with its 2023 growth target, aiming potentially as high as 6 per cent, in a bid to boost investor and consumer confidence and build on a promising post-pandemic recovery, sources involved in policy discussions said.Four of the sources said China was likel
BEIJING : China is becoming increasingly ambitious with its 2023 growth target, aiming potentially as high as 6 per cent, in a bid to boost investor and consumer confidence and build on a promising post-pandemic recovery, sources involved in policy discussions said.
The previous recommendations were made weeks before China lifted the world's harshest COVID-19 curbs. Recent data showed the economy recovering from its pandemic shock at a better-than-expected pace. One of the three sources advocating for a more modest target warned"the property sector is still falling and it's difficult to fill the gap while foreign trade is likely to drag on economic growth this year."The government is also set to unveil more stimulus during this month's National People's Congress, to mitigate the impact of property market weakness and waning global demand for its exports, four of the people said.
It was also the biggest ever miss of a growth target. China previously only had narrow misses during the Asian financial crisis in the late 1990s and during a currency crisis in 2014-15.Some economists argue that ambitious annual growth targets in China are counterproductive, and policymakers should rather focus on structural reforms to improve the sustainability of any economic expansion.
Iris Pang, chief Greater China economist at ING, said in a note that this week's upbeat data gave the government strong reasons to set a high growth target of 5.5 per cent to 6 per cent.
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