China was the only country affected by Covid-19 lockdown to emerge in positive economic growth in 2020, while many developed nations including Malaysia to see a contraction in Gross Domestic Product numbers.
This year it aims to expand its economy by over 6 percent, building on the strong tailwind from success in containing COVID-19, this was conveyed during the gathering of lawmakers in Beijing recently.
The gross domestic product (GDP) target is one of the many key goals laid out in a government work report delivered by Premier Li Keqiang to the national legislature.
“In setting this target, we have taken into account the recovery of economic activity,” said Li. “A target of over 6 percent will enable all of us to devote full energy to promoting reform, innovation, and high-quality development.”
Setting a growth course for 2021, the country aims to create more than 11 million new urban jobs, lower the deficit-to-GDP ratio to 3.2 percent, and expand domestic demand and effective investment, which are expected to put the economy firmly back to pre-pandemic vibrancy — China’s GDP growth rate was 6 percent in 2019.
Focus will be on high-quality development, advance supply-side structural reform, and consolidate and expand the achievements of the COVID-19 response and economic and social development, among other major tasks was outlined in the report.
“These efforts will enable us to get off to a good start in the 14th Five-Year Plan (2021-2015) period and commemorate the centenary of the Communist Party of China with outstanding achievements in development,” Li said in the report, amid rounds of applause in the Great Hall of the People.
