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China's Growth Addiction Leaves Deleveraging in Back Seat

  • Baseline of 6.5% GDP growth through 2020 curbs policy scope
  • More fiscal, monetary support is coming, as is more debt
Workers on a construction site in Beijing.

Workers on a construction site in Beijing.

Photographer: Tomohiro Ohsumi/Bloomberg
Updated on

Rule No.1 in China’s blueprint for the next five years: "give top priority to development."

That’s the word from Premier Li Keqiang’s work report delivered Saturday at the start of the annual National People’s Congress in Beijing. Li acknowledged there would be some difficult battles ahead as he outlined plans to clean up the environment, boost innovation, further urbanize and cut excess capacity in industries like coal and steel. Yet the firmest target remains on the one thing he has the least control over -- the nation’s economic growth rate.