China’s government has set growth target for 2021, at the annual parliamentary meeting on Friday, as it recovers from the coronavirus pandemic.

At the opening of the National People’s Congress, Premier Li Keqiang announced that the government targets to achieve above 6 percent economic growth this year.

In 2020, the government avoided setting an annual growth target due to uncertainty caused by the coronavirus pandemic.

“A target of over 6% will enable all of us to devote full energy to promoting reform, innovation, and high-quality development,” Li said.

The economy had expanded 2.3 percent last year, making China the only major economy to avoid a contraction amid the Covid-19 pandemic. However, this was the weakest growth since 1970s.

The very low GDP growth target for 2021 seems like there was no target at all because the consensus was 8 percent and ING’s forecast of 7 percent, Iris Pang, an economist at ING said.

The fiscal deficit is expected to be about 3.2 percent of GDP compared to 3.6 percent in 2020.

Li said there are impediments to consumer spending. The latest government work report has focused on technology development and investment in research.

The surveyed jobless rate in urban areas is projected to reach 5.5 percent this year. The government plans to create more than 11 million urban jobs compared to over 9 million employment in 2020.

The government forecast consumer prices to rise around 3 percent in 2021.

The material has been provided by InstaForex Company –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.