Targets for 2018

The First Session of the 13th National People’s Congress (NPC) opened in Beijing on March 5. On behalf of the State Council, Premier Li Keqiang delivered a report on the work of the government to the assembly, summarizing the government’s work over the past five years and laying out plans for 2018. China’s GDP growth for this year has been set at 6.5 percent, a rate that refl ects the country’s demand for high-quality eco- nomic growth.

This year is of special significance for China. Immediately following the 19th National Congress of the Communist Party of China which was held in October 2017, the Chinese economy is entering a new era of high-quality development under the guid- ance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, which is crucial in China’s efforts to build a moder- ately prosperous society in all respects. This year is the 40th since China adopted the reform and opening-up policy. High on the agenda of the Chinese Government in 2018 is steady and stable progress, which can be guaranteed by a growth rate of 6.5 percent. Yet China faces many uncertainties in the international situation. Despite con- tinued momentum in the recovery of the global economy, uncertainty abounds as the United States ramps up trade protectionism, placing China-U.S. economic and trade rela- tions under strain. Rising geopolitical risks are hampering China’s outbound investment.

In this context, the Chinese Government must refrain from excessive monetary policy as a way of stimulating the economy. Instead it must try to improve the quality of the economy and at the same time maintain stable growth, promote reform, make struc- tural adjustments, improve living standards, and guard against risks. In light of these fac- tors and last year’s economic growth rate, a target of 6.5 percent is a rational and suitable one.

Education, healthcare, employment and an increase in wages all depend on econom- ic growth. A 1-percentage-point growth of GDP in 2017, which constituted some 82.7 trillion yuan (around $13 trillion), will create much more wealth than a two-percentage- point increase two decades ago, and so a 6.5-percentage-point growth rate can suffi ce to fund China’s current social development. This target accommodates both the call for a well-off society and the demand for jobs.

The distinguishing feature of socialism with Chinese characteristics is development in line with China’s national conditions. Recently, there has been speculation about China’s GDP growth in the foreign media. Regardless of comments and comparisons regarding China’s economic growth, none can sway China in its determination to choose its own path, step by step, to national rejuvenation.

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