Following are reactions from analysts, investors and economists after China on Sunday set a modest target for economic growth this year of around 5 per cent, stressing the need for economic stability and expanding consumption.TING LU, JING WANG, HARRY ZHANG, HANNAH LIU, ECONOMISTS, NOMURA'Overall,
Following are reactions from analysts, investors and economists after China on Sunday set a modest target for economic growth this year of around 5 per cent, stressing the need for economic stability and expanding consumption."Overall, we view it as a relatively conservative but pragmatic proposal for delivering a healthy and organic economic recovery from last year’s huge disruptions caused by zero COVID, and we still see no sign of a massive stimulus programme.
"The growth target came in at the low end of the market expectation. But it should be taken as a floor of growth the government is willing to tolerate. "First, it showed Chinese policy makers have taken rising uncertainties from global slowdown and rising geopolitical tension into account. "Despite slightly weaker than expected growth target, we don’t think market should be disappointed by this government work report as the underlying details showed that growth continues to top the priority for 2023.""Given that this is the year of government leadership transition, the NPC Government Work Report was relatively brief in describing this year’s policy measures, likely leaving the details for the new government.
"The issuance of local government special bonds has been a major tool to support growth in Xi’s second administration. The quota for 2023 is 3.8 trillion yuan. This is higher than one set during the two sessions in 2022. But it’s worth noting that the government ended up allocating more than 4.1 trillion yuan of such a quota in 2022 to combat a sharp slowdown. Compared with that, 3.8 trillion represents some sort of retrenchment.
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