Caixin
Mar 07, 2022 08:59 PM
ECONOMY

Roundup: What the Government Work Report Told Us About China’s 2022 Economic Plans

The fifth session of the 13th National People's Congress opens at the Great Hall of the People in Beijing on March 5. Photo: VCG
The fifth session of the 13th National People's Congress opens at the Great Hall of the People in Beijing on March 5. Photo: VCG

Premier Li Keqiang presented the annual government work report to China’s top legislative body on Saturday, setting the nation’s GDP growth target for this year at around 5.5%, the lowest in decades.

China’s GDP grew 8.1% last year, with a particularly strong performance in the first half as the economy rebounded from the coronavirus-induced slump in early 2020. But growth slowed to 4% in the last quarter of 2021, and recent policymaking meetings show that top leaders are well aware of the need to stabilize growth. They’ve coined the term “triple pressures” to describe the current cocktail of problems, referring to shrinking demand, disrupted supply and weakening expectations.

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