MARK the date on your calendar: on January 17th next year, China will report that economic growth in 2016 was no lower than 6.5% and no higher than 7%. What explains such clairvoyance? Because the government has now formally unveiled its growth target for the current year, putting it at 6.5-7%. Chinese GDP targets, once set, have a way of coming true. All the economy’s many uncertainties—rising debt, rich-world doldrums, currency volatility—melt away as if nothing in the face of its leaders’ conviction. But in their pursuit of their goal, Chinese leaders still have many options.
The GDP target was announced on March 5th by Li Keqiang, the prime minister (pictured), in his report at the start of the annual session of the country’s rubber-stamp parliament, the National People’s Congress. Some credit is due to China in setting a target range as opposed to its past practice of shooting for a single specific number. There is no sense in managing an economy, especially one as big and complex as China’s, so that it can hit a bullseye. Flexibility is far better. The problem, however, is that the target range is still too high. Before Mr Li...Continue reading
Source: China http://ift.tt/1UHwsEq
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