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China targets economic growth of 6%-plus

China targets economic growth of 6%-plus

 

Despite the impact of the pandemic, China is looking for an economic growth rate above 6% in 2021, the country’s Premier Li Keqiang told this year’s National People’s Congress.

In 2020 China’s economy grew by just 2.3%, seeing a 6.8% slump in the first quarter caused by the Covid-19 pandemic.

“A target of over 6% will enable all of us to devote full energy to promoting reform, innovation, and high-quality development,” Premier Li Keqiang said. “In setting this target, we have taken into account the recovery of economic activity.”

However, the finance ministry expressed concern about the government’s finances. “The outlook for government revenue and expenditure in 2021 appears quite grave, with even greater difficulty in balancing the budget and risks in key areas such as debt that cannot be overlooked,” it said in a report released at the start of the Congress.