Business & Economy

China sets a 2021 growth target above 6%

Beijing, Mar 5 (efe-epa).- China established a 2021 growth target for “above 6 percent,” according to the government’s work report, to which EFE had access, delivered to the National People’s Assembly, which began Friday.

The document said the objective is set taking into account “the recovery of economic activity” – GDP grew by 2.3 percent in 2020 – and also sets an inflation growth target of about 3 percent.

“This growth target will empower all of us to devote full energy to promoting reform, innovation and high-quality development,” the report said.

In addition, China is setting the goal of creating more than 11 million urban jobs, the document added.

The country is also set to achieve a basic balance in the balance of payments and promises not to make major changes in its macroeconomic policy this year.

Likewise, the report said the growth of the item for Research and Development will be an annual 7 percent.

The report also sees a decrease of about 3 percent in energy consumption per unit of GDP and that clean heating will account for 60 percent of all heating in northern China, one of the most polluting areas in the country.

The government report also ensures China will continue to implement “in its entirety” the so-called “One Country, Two Systems” principle that governs relations with the semi-autonomous city of Hong Kong.

China confirmed Thursday that the ANP meeting will undertake a reform of Hong Kong’s electoral system, which, according to all indications, will significantly reduce the possibilities for political action by the opposition in the city-state.

In foreign policy, the report said China will promote “mutually beneficial economic and trade growth with the United States on the basis of equality and mutual respect.” EFE-EPA


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