China Has a New System of Optional Growth Targets
Delegates applaud during the closing session of the 20th National Congress of the Chinese Communist Party at the Great Hall of the People in Beijing on Oct. 22.
BloombergMuch of the focus on China’s momentous Communist Party congress has been on President Xi Jinping’s tightening grip on power, but that risks obscuring hints dropped during the gathering about how Beijing may be prioritizing economic growth in the coming years.
GDP targets were once so sacrosanct that they spurred Chinese officials to adjust monetary, fiscal and regulatory settings to ensure they were met. More recently however, growth objectives have become less fixed. This year’s onetime target of about 5.5%, for example, was effectively set aside amid continuing Covid-19 lockdowns.