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China's shift away from 5-year targets increases policy flexibility: official

Reuters

2021-03-08 13:55:12

BEIJING (Reuters) - China’s decision not to set an economic growth target for its new five-year plan will give policymakers more room to account for uncertainties and respond to changes, a senior state planner official said on Monday.

In its 2021-2025 economic plan delivered to the nation’s legislature on Friday, China did not include any average annual growth targets, unlike the previous five-year plan issued in 2016.

It did, however, pledge to keep growth in a “reasonable” range over the five-year period and set an annual gross domestic product target of above 6% for the current year, having dropped the 2020 target last year amid global uncertainties caused by the pandemic.

Hu Zucai, vice director of the National Development and Reform Commission, said on Monday predicting growth for an annual period contingent on the circumstances would be easier than setting targets over a five-year period.

“By not setting a specific and quantitative (five-year) growth target, we will be more proactive, active and at e

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