Bloomberg
(Bloomberg) -- China set its economic growth target at above 6% for the year as it rebounds strongly from the pandemic-induced slump.The government aims to add more than 11 million urban jobs this year and plans a budget deficit of 3.2% of gross domestic product, Premier Li Keqiang said Friday at the opening of the National People’s Congress.China’s economy was the only major one in the world to expand last year, aided by the central bank’s injections of liquidity to support businesses, extra fiscal spending on infrastructure and the quick control of coronavirus outbreaks domestically. Its V-shaped recovery alongside a recession in the U.S. and elsewhere puts it on course to become the world’s largest economy by 2028, two years earlier than expected, according to projections by several banks including Nomura Holdings Inc.What to Watch as China Rolls Out Economic Plan to Overtake U.S.Economists predict the economy will expand 8.4% this year, partly due to the low base from last year. Alongside that recovery has been a build-up in debt and worries about asset bubbles, fueling expectations that policy makers will withdraw the monetary and fiscal stimulus unleashed during the pandemic last year.This year’s meeting of the NPC, China’s main legislature, has added significance because of the release of a new five-year plan covering 2021-2025. Some of the key goals already outlined include strenghthening consumer demand, investing in hi-tech industries, and addressing long-term challenges such as an aging population.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
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