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China abandons 5-year GDP target

China began a new five-year plan in 2021, the 14th in a row, and for the first time in the preliminary assessment there is no target value in the plan for the country's GDP. There is a figure in the draft version, which mentions 6% or more, while inflation should be at 3%, and the unemployment rate should not exceed 5.5%.

Incidentally, China did not meet its GDP growth target for the previous five-year plan: the target stood at 6.5%.

The lack of a clear GDP target could be due to some change in the country’s overall priorities: for example, the five-year plan includes eight general goals, seven of which are environmental in nature or related to this domain.

The stock market expects China to lead the global economic recovery in 2021. China's GDP this year could expand by about 8%, according to the most bold forecasts, although actual growth is unlikely to exceed 6-7%.

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