china

China is aiming for a growth rate above 6 per cent for 2021, Premier Li Keqiang announced.

Speaking at the opening of this year’s National People’s Congress, China’s national legislature, he said that the taget “will enable all of us to devote full energy to promoting reform, innovation, and high-quality development”.

China’s economy grew last year, despite the pandemic, being the only major global economy to do so. However, this was anaemic when compared to the growth seen in previous years, with the 2.3 per cent rate being its weakest result in decades.

Last year’s growth came despite a sharp 6.8 per cent contraction in the first quarter of 2020 as entire regions were forced into lockdown in response to the COVID-19 pandemic.

The Government hopes to continue the rebound. “In setting this target, we have taken into account the recovery of economic activity.”

The target is modest when compared to that growth expected by observers, with the International Monetary Fund (IMF) for example envisaging a growth rate of 8.1 per cent.

Urban unemployment is also being targeted by the Chinese authorities, with an estimated 11 million new urban jobs to be created this year, up from nine million in 2020.

The Government also set a budget deficit goal of around 3.2 per cent of GDP, although the country’s Finance Ministry expressed concern about the state of the government budget.

“The outlook for government revenue and expenditure in 2021 appears quite grave, with even greater difficulty in balancing the budget and risks in key areas such as debt that cannot be overlooked,” it said.

Related

Heathrow Airport Departures

Pre-Christmas woes: Heathrow baggage handlers to strike from 16th December

December 2, 2022
by Arnas Lasys

The terminal from which Air Malta operates is set to be affected

Airplane Mode to become a thing of the past for intra-EU flights following new EU Commission decision

November 29, 2022
by Arnas Lasys

In a push for widespread adoption of 5G tech, passengers will be able to use their phone’s full capabilities in-flight

The end of pesky liquids restrictions in airport hand luggage? UK airports could ditch rules by 2024

November 24, 2022
by Helena Grech

The UK Government is considering rolling out more advanced scanners by mid-2024, sources told the BBC