10 March 2017
2017 NPC: Government announces macroeconomic targets and policies
The fifth session of the 12th National People’s Congress (NPC) started on 5 March. Premier Li Keqiang presented the Government Work Report on behalf of the State Council on the day. Besides, the National Development and Reform Commission (NDRC) submitted the Report on the Implementation of the 2016 Plan and on the 2017 Draft Plan for National Economic and Social Development to the congress.
We will discuss the macroeconomic targets and policies of the year stated in the Government Work Report as well as the key measures for boosting consumption mentioned in the NDRC’s report.
The government sets a real GDP growth target of about 6.5% for 2017, compared to the actual growth rate of 6.7% in 2016 and the 6.5% - 7.0% growth target set for 2016. According to Premier Li, the slight reduction in the economic growth target would give the government more room to improve the quality and the efficiency of the economy and to accelerate economic restructuring and upgrade. The NDRC Chairman He Lifeng also commented that setting a lower growth target did not imply the government was concerned about the economic growth for this year. At a press conference on 6 March, He Lifeng said he had confidence that the real GDP growth target of about 6.5% could be achieved this year.
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