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Fundamental Forex Analysis

China should set a 3-year GDP growth target of 6% instead of an annual one

Li Daokui, a prominent economist at Tsinghua University and a member of the National Committee of the Chinese People’s Political Consultative Conference (CPPCC), China’s top political advisory body, said Thursday that China should set a GDP growth target of 6% for the next two to three years instead of an annual one, per Global Times.  

Key quotes

“My opinion is that [China] should combine the economic development for the next two to three years to make an overall plan… if you make plans on an annual basis, your plan would fail to catch up with the changes.”

“If China would be regarded as doing a good job if its economy could return to around 6 percent growth after two to three years.”

“The baseline for future economic work is to safeguard the security of [economic operations] and stabilize livelihood.”

“We must safeguard our companies listed overseas against the impact of foreign long-arm jurisdiction as well as defend against unilateral investigations and sanctions.” 

Note that the National People’s Congress (NPC) is set to start on Friday, where Premier Li Keqiang is expected to make a state-of-the-nation style address and reiterate Beijing’s long standing vow to keep the yuan stable.

Li is expected to announce a growth target substantially lower than the around 6% originally set.

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