China sets GDP target of ‘around 5.5%’ for 2022

Workers weld at a workshop of an automobile manufacturer in Qingzhou, East China’s Shandong Province, on March 1, 2022.

China has a gross domestic product growth target of around 5.5% for 2022, as an annual parliamentary meeting gets underway.

The figure was revealed in a speech by the premier. The official GDP target is usually an approximation.

Employment and inflation targets were the same as last year.

He said the deficit-to-GDP ratio would be lower this year. The government can use profits from state-owned enterprises to increase spending by more than 2 trillion yuan over the next four years.

The consumer price index and unemployment rate will be targets by China, according to Li.

According to an official English-language version of his remarks, a comprehensive analysis of evolving dynamics at home and abroad indicates that this year our country will encounter many more risks and challenges.

The GDP target was expected to be slightly higher. They want to know more about the plans for the economy.

China needs to pursue prudent and effective macro policies in order to reach its economic targets, Li said Saturday. The exchange rate will be kept stable at an adaptive level.

China's economic growth slowed in the fourth quarter to 4% year-on-year, despite full-year growth of 8.1%.

The country was the only major economy to grow in 2020 as the rest of the world struggled with the coronaviruses.

Slower consumer spending has yet to fully recover from the Pandemic, and Beijing's regulatory crackdown on tech and real estate has dragged on growth. China's strict travel restrictions and lock down policy has weighed on the economy.

In the last two weeks, the heads of government ministries have spoken of plans for more economic support.

An annual meeting of the Chinese People's Political Consultative Conference, an advisory body, and the National People's Congress legislature in Beijing is called the Two Sessions.

The meetings draw delegates from around the country to approve and announce national economic policies. There are targets for GDP growth, employment, inflation, deficit and government spending.

The Two sessions will last about a week this year and conclude on March 11.