China says 2018 growth tar­get to re­flect new changes in econ­omy

Tehran Times - - ECONOMY -

China’s eco­nomic growth tar­get for 2018 will re­flect new changes in the econ­omy as the govern­ment put more em­pha­sis on higher qual­ity de­vel­op­ment, the State Coun­cil In­for­ma­tion Of­fice said on Mon­day.

The govern­ment will set its key tar­gets for 2018 “af­ter earnestly study­ing new per­for­mance, new sit­u­a­tions and new prob­lems”, the of­fice, the govern­ment’s pub­lic re­la­tions arm, said in a state­ment in re­sponse to Reuters’ re­quests for com­ment on a source-based story.

“China’s eco­nomic and so­cial de­vel­op­ment still faces many con­tra­dic­tions and chal­lenges that need to be se­ri­ously re­solved and dealt with,” it said.

Pol­icy sources have told Reuters that China’s lead­ers are likely to main­tain this year’s growth tar­get of “around 6.5 per­cent” in 2018, even as they ratchet up ef­forts to con­trol sys­temic risks from a rapid buildup of debt in the world’s sec­ond-largest econ­omy.

The In­ter­na­tional Mon­e­tary Fund (IMF) and some econ­o­mists have sug­gested that Bei­jing do away with growth tar­gets to re­duce the coun­try’s long reliance on debt-fu­elled stim­u­lus and en­cour­age more pro­duc­tive in­vest­ment.

Spe­cific eco­nomic tar­gets for 2018, which in­clude GDP, in­fla­tion, the bud­get deficit and money sup­ply, are likely to be set dur­ing an eco­nomic work meet­ing this month, but are not ex­pected to be an­nounced un­til the an­nual par­lia­ment meet­ing in March.

China will strive for higher qual­ity, more ef­fi­cient and fair growth, the in­for­ma­tion of­fice said, re­it­er­at­ing a pledge made by Pres­i­dent Xi Jin­ping at a party congress in Oc­to­ber.

Buoyed by sus­tained state spend­ing, a con­struc­tion boom and resur­gent ex­ports, an­a­lysts fore­cast China’s econ­omy should beat the of­fi­cial growth tar­get for this year.

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