China's leaders will pledge in parliament next week to keep the country on ...
BEIJING - China’s leaders will pledge in parliament next week to keep the country on safe footing as the economy faces its biggest test in years, amid pressure to roll out more measures to bolster growth and revive weak business and consumer confidence.
But Premier Li Keqiang’s 2019 work report at the opening of the National People’s Congress on Tuesday is expected to offer plenty of assurances that Beijing will do more to help struggling small businesses, boost demand and safeguard jobs. Sources have told Reuters that Beijing will likely set a growth target of 6.0-6.5 percent this year, down from around 6.5 percent in 2018. Gross domestic product expanded 6.6 percent, cooling from the previous year.
Analysts say Beijing needs to keep growth above 6 percent to meet its a long-term goal of doubling GDP from 2010 to 2020. Officials worry that a deeper slowdown may fuel more job losses and pose a threat to social stability.“The government will not accept quarterly growth of less than 6 percent in 2019, as they worry they may not be able to halt a downtrend,” said Lu Zhengwei, chief economist at Industrial Bank in Shanghai.
Sources also said China’s budget deficit is likely to rise from last year’s 2.6 percent of GDP, reflecting lower tax revenue and higher government spending, but could be kept below 3 percent. The target will be announced on Tuesday along with those for 2019 GDP growth target and consumer inflation. “The trade war has exposed domestic problems, such as how to adapt to international rules, how to deal with the relationship with the world’s biggest economy, and how to conduct ‘normal’ competition rather than vicious competition,” said Wang Jun, Beijing-based chief economist at Zhongyuan Bank.
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