China Sets GDP Growth Target of 5.5% for 2022

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The Chinese central government has outlined its economic growth targets for 2022 at China’s annual congressional meetings.

Premier Li Keqiang said in his government work report that in 2022 China’s gross domestic product (GDP) growth target is around 5.5%.

Li delivered the report to the Fifth Session of the 13th National People’s Congress on 5 March.

Other key growth targets outlined by Li include:

  • Growth in urban employment of at least 11 million new jobs.
  • An urban unemployment rate of under 5.5% for the full year.
  • Growth in consumer prices of around 3%.
  • Growth in household revenues which is on par with economic growth.
  • Stabilisation and improvements to the quality of imports and exports.
  • Keeping the balance of payments basically stable.
  • Ongoing improvements to environmental quality.
  • Reductions in key pollution emissions volumes.

“In order to achieve this year’s development targets, macro-policy must be steady and effective, and micro-policy must continue to stimulate the vigour of market actors,” said Li.

“Structural policy must focus on smoothing out the cycles of the national economy, technology policy must be firmly implemented, reform and opening policy must stimulate the drivers of development, and regional policy must strengthen balanced and coordinated development.”

Li said that the continuity of macro-policy would continue, and that active fiscal policy would increase in effectiveness, with greater focus on sustainability and targeting.

The Chinese Premier also stressed the need for “steady monetary policy,” which is “flexible and maintains rationally ample liquidity,” as well as “employment prioritisation policy which increases in quality.”