China plans to set a lower economic growth target of around 6% in 2020 from this...
BEIJING - China plans to set a lower economic growth target of around 6% in 2020 from this year’s 6-6.5%, relying on increased state infrastructure spending to ward off a sharper slowdown, policy sources said.
The proposed target, to be unveiled at China’s annual parliamentary session in early March 2020, was endorsed by top leaders at the annual closed-door Central Economic Work Conference this month, according to three sources with knowledge of the meeting’s outcome. Next year will be crucial for the ruling Communist Party to fulfill its goal of doubling gross domestic product and incomes in the decade to 2020.
The annual budget deficit could rise from this year’s 2.8% of GDP, but is likely to be kept within 3%, they said. The United States and China cooled their trade war on Friday, announcing an agreement that reduces some U.S. tariffs in exchange for what U.S. officials said would be more Chinese purchases of American farm products and other goods.Top leaders at the meeting listed preventing financial risks as a key priority for 2020 and called for keeping the debt-to-GDP ratio largely stable.FILE PHOTO: Containers are seen at the Yangshan Deep Water Port in Shanghai, China August 6, 2019.
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