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China sets its growth target at 5.5 points for 2022

China sets its growth target at 5.5 points for 2022

China sets its growth target at 5.5 points for 2022

Beijing, March 5 (Prensa Latina) China announced today that it will seek to expand the Gross Domestic Product (GDP) for 2022 by 5.5 percent - one of the lowest goals in recent decades - and will maintain the priority of high-quality development.
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Prime Minister Li Keqiang said during the annual session of the Chinese Parliament that this level of expansion is in line with the country’s recovery and its plans to ensure economic stability in the face of internal and external challenges.

Last year China set its GDP growth above six points. However, it reached 8.1 percent, mainly thanks to the rebound in exports, despite the Covid-19 pandemic.

Keqiang cited among the main pressures during 2022 a drop in demand, disruptions in supply lines and weak growth expectations because the world is still under the pressure of the pandemic and there is also the conflict between Russia and Ukraine.

On the other hand, Li indicated that China will intensify a proactive fiscal policy and maintain a prudent monetary policy, where the exchange rate of the yuan will remain stable, at an adaptable and sustainable level.

The fiscal deficit will be around 2.8 percent, which represents a reduction compared to the 3.2% target set for last year and 3.6 back in 2020.

China will cut taxes and fight tax evasion, consumer price inflation will remain above three percent; 11 million jobs will be created in urban areas and the unemployment rate in said areas will be kept below 5.5 percent.

There will be more revenue growth at the national level in order to increase consumption capacity and strengthen the domestic market, but this will be accompanied by an antitrust and fair competition offensive.

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