China News Service, Beijing, March 12 (Reporter Chen Su) In this year's government work report, China set a GDP (gross domestic product) growth target of 6% or more in 2021.
This target is quite different from the higher forecasts of many market institutions before.
Why does the Chinese government set an economic growth target of more than 6%?
Wang Yiming, vice chairman of the China Center for International Economic Exchanges and a member of the National Committee of the Chinese People's Political Consultative Conference, said on the 12th that this goal was set out of four considerations.
In the 138th "Economic Monthly Talks" held by the China International Economic Exchange Center that day, Wang Yiming interpreted and analyzed the economic growth targets set in the government work report.
He said that China's GDP growth rate was only 2.3% last year. Due to the low base, the market this year generally predicts that the economic growth rate will reach 8% or even 10% in 2021.
The government work report recently released an economic growth target of "over 6%", which exceeded the expectations of many organizations.
Wang Yiming said that China will set the economic growth rate in 2021 to be "over 6%", which mainly includes four considerations.
One is to rationally guide market expectations.
China has turned to high-quality development and no longer excessively pursues economic growth. It has set an economic growth target of "over 6%" in order to guide all parties to focus on more quality and efficient growth. There is plenty of room for reform and innovation.
The second is to deal with uncertain factors.
In 2021, China is still facing the global epidemic and the uncertainty of the international environment. The current epidemic has not yet been fully controlled. The global economic recovery is not balanced. The rising global leverage ratio brings financial risks. The foundation for domestic economic recovery is not yet solid. The lower growth target also takes these uncertainties into account.
The third is to fully consider the needs of employment.
Wang Yiming said that this year China’s employment pressure is still very high. College graduates will exceed 9 million, setting a record high. The employment of migrant workers and veterans will also face greater pressure.
The government work report stated that more than 11 million new urban jobs will be created this year, and the economic growth target of "over 6%" is in line with the employment target.
The fourth is to align with economic growth in 2022.
Wang Yiming said that if the economic growth rate this year is very high, it will be a large base for next year, which will easily bring about greater economic ups and downs and affect economic stability.
"Stable behavior can lead to long-term success. Setting a relatively stable economic growth target will help promote China's high-quality and sustainable development." Wang Yiming said.
(Finish)