How was China's 5.5% GDP target set? Official interpretation of three reasons

(Two Sessions Express) How was China's 5.5% GDP target set?

Official interpretation of three reasons

　　China News Agency, Beijing, March 5 (Reporter Zhang Ni) The government work report stated that China's GDP is expected to grow by about 5.5% this year.

How are such goals set?

In this regard, the official interpretation of three reasons.

　　On the 5th, the State Council Information Office of China held a briefing on the government work report.

Xiang Dong, deputy director of the Research Office of the State Council of China, said at the meeting that this year's target of around 5.5% was set first, taking into account the needs of stabilizing employment, protecting people's livelihood, and preventing risks.

Economic stability is the foundation.

If the economy is unstable, it will be difficult to stabilize employment and income, and some hidden risks will be revealed.

To achieve a growth rate of around 5.5% this year, there will be a foundation for expanding employment and increasing income, and the economy will be able to maintain a reasonable range.

　　Secondly, the setting of this target also takes into account the connection with the average economic growth rate in the past two years and the requirements of the "14th Five-Year Plan".

The Chinese economy has grown by an average of 5.1% over the past two years.

In 2019, before the epidemic, China's economic growth target was expected to be 6% to 6.5%, and the actual growth rate for that year was 6.1%.

Although the "14th Five-Year Plan" does not set specific economic growth expectations, it requires that it be kept within a reasonable range.

Taking these factors into consideration, it is more scientific and reasonable to set the expected economic growth target for this year at around 5.5%.

　　Third, this is a medium-to-high-speed growth on a high base, reflecting the initiative.

Last year, China's GDP reached 114.4 trillion yuan. On this basis, it achieved a growth of 5.5%, which is equivalent to an increase of 7.4% five years ago and an increase of 10.5% 10 years ago. The economies in 11th and 12th place are close to each other's economic aggregates in a year.

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