China GDP: economic growth target of ‘above 6 per cent’ for 2021 confirmed by Premier Li Keqiang

China set an economic growth target of ‘above 6 per cent’ for 2021, Premier Li Keqiang confirmed at the National People’s Congress (NPC) on Friday in Beijing

China has set a target of creating 11 million new urban jobs, while the target for consumer price index (CPI) growth is around 3 per cent

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China Premier Li Keqiang delivered the government work report for 2021 at the National People’s Congress on Friday in Beijing. Photo: Reuters

Published: 9:16am, 5 Mar 2021Updated: 12:00pm, 2 Aug 2021

China set an economic growth target of “above 6 per cent” for 2021 as the country continues its strong rebound from the impact of the coronavirus pandemic last year, Premier Li Keqiang announced Friday at the National People’s Congress in Beijing.

China’s economy is widely expected by analysts to grow by more than 8 per cent this year, helped by the low base from last year’s weak growth. The International Monetary Fund forecast in January that China’s economy would grow by 8.1 per cent in 2021.

“As a general target, China’s growth rate has been set at over 6 per cent for this year. In setting this target, we have taken into account the recovery of economic activity,” Li said in the government work report.

In a break from tradition last year, China did not set an economic growth target at the delayed “two sessions” meeting in May as it dealt with the economic fallout from the coronavirus.

China’s economy contracted by 6.8 per cent in the first quarter last year amid widespread lockdowns to contain the spread of Covid-19. But China’s economy rebounded strongly starting in the second quarter and grew 2.3 per cent in 2020 as a whole.

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