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China's leaders fall silent on hitting GDP growth target
« on: July 30, 2022, 04:02:43 PM »
China's leaders fall silent on hitting GDP growth target
Politburo tacitly acknowledges hurdles to reaching 5.5% goal

IORI KAWATE, Nikkei staff writer
July 29, 2022 01:44 JST

https://asia.nikkei.com/Economy/China-s-leaders-fall-silent-on-hitting-GDP-growth-target

BEIJING -- China's top leadership made no promises to meet the country's annual economic growth target during a high-level meeting held Thursday, in a tacit acknowledgement that its strict coronavirus restrictions have made a 5.5% expansion impossible.

In economic policy for the second half, the Communist Party's Politburo urged efforts to "consolidate the upward trend of economic recovery" and "strive for the best possible outcome," according to state media.

But China's top decision-making body made no mention of attaining this year's gross domestic product growth target of around 5.5%.

With the lockdowns in Shanghai and other cities under China's zero-COVID policy, GDP grew just 2.5% on the year in the first half of 2022. The silence on the full-year target suggests that the party recognizes the stark challenges ahead to meeting that goal.

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