China is targeting economic growth of around 6% in 2020, at the low end of this year’s range of 6% to 6.5%, International Media reported, citing policy sources, thestar.com has reported.
Chinese leaders seek to support growth to curb job losses that could affect social stability, but are pressured to tackle debt risks caused by pump-priming policies.
The proposed target was approved by top leaders at the annual closed-door Central Economic Work Conference this month. The target will be unveiled during China’s annual parliamentary session, scheduled for early March 2020, according to sources with knowledge of the meeting’s outcome.
“We aim to keep next year’s growth within a reasonable range, or around 6%,” said a source who requested anonymity.
State media said Thursday December 12th, that top leaders vowed to keep economic policies stable, but will seek to make them more effective to achieve growth targets in 2020, according to Reuters.
2020 will be crucial for the ruling Communist Party to achieve its goal of doubling gross domestic product and incomes in the decade to come.
A growth of nearly 6% next year should be enough to meet that goal, given the economy is expected to expand about 6.2% this year, policy experts said.