What's behind China's 5.5% GDP growth target?

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China has set its GDP growth target at around 5.5 percent for 2022. During the government work report on Saturday, Premier Li Keqiang said China's economy will "surely go steady and far," but also warned about the triple pressures of shrinking demand, disruptive supply and weakening expectations.

So, is the target reasonable? What will be the main drivers of China's economy this year? CGTN interviewed Zhang Zhaoan, former vice president of Shanghai Academy of Social Sciences, and Wang Dan, chief economist of Hang Seng Bank China, during China's most important annual political meetings.

[discoverchina]

I firmly believe that China could surely meet the GDP growth goal easily🇨🇳

[MrGanbat]

Not really high for China but in this difficult situation it is quite good. 👏👏👏🇰🇷🇨🇳

[jjl]

fact: we never failed to meet the target once.

[catonpillow]

Considering all the downsides pushing the world economy down this year, that's actually a very positive and encouraging estimate. Especially considering that there's about 1% or so lost due to the Evergrande crisis. And considering that Сhina always beats its own estimates, the GDP growth for this year will even come higher than 5.5% in the end.

[priyanksaikia]

Internationalisation of yuan must begin soonest or else we face the same fate as Russia. We cannot afford to overlook this and say, " Oh we are No. 2 by Nominal and No. 1 By PPP." We need to be number 1 by nominal as well. In Dollar terms too. In Renminbi, We are already the largest. I was surprised to find US economy receding by minus in 2020 to actually contribute in GDP by trillions. How can that be possible? We had a positive growth in 2020. Something isnt right. Has the US got hold on some alien technology? US cannot even reach MARS in the next 5 yrs or can move out permanently from the solar system to explore new planets and to terraform them. There is so much potential and technology for human beings to survive in long distances in space. China and Russia can build a New Space Station on Moon amd a Colony in Moon as well as Mars. We have to make our scientists and engineers understand that this is a security threat for our Entire Nation and mist stand up with indigenous solutions to outcompete the US and its allies on all fronts.

[ameyapotdar]

China I making changes in thier economy, they are making it into a domestic consumption based economy instead of an export machine

This will make china more resilient to western sanctions

They are also focusing on becoming self sufficient in technology

This is most likely to prepare themselves in a scenario when they will inevitably takeover Taiwan militarily and to withstand sanctions

[priyanksaikia]

China GDP growth should be minimum 6 percent for its economy to reach 30 trillion by 2028. China can deffo do much better than this. China needs to focus more on its internal market, introduce favourable reforms on investment and consumption led growth in the next 4 yrs. At the same time, R and D spending should increase as well. We are all alone. The west has got its developed economies to support unlike us. We are doing it even without any help from our partners. We must march ahead with or without their contribution. I believe, with conviction, that China is poised to become the No. 1 economy and the No. 1 Scientific and Technological Superpower by 2035.

[ryanangel]

We need use alternative payment for trade. Most important independent from international payment and defeat swift in future.

[西贝-lr]

Don't care about China GDP rate, mind you only about US inflation rate.

[kckoay]

Stated in yuan, China GDP had expended at 12.9%, from 101.3 trillion in 2020 to 114.4 trillion yuan in 2021. But stated in dollar terms, it had expended at 19.8% to UD$17.6 trillion. That is because yuan had appreciated at 6% against the dollar between 2020 to 2021.

Yuan will continue to appreciate against the dollar. Based on a modest assumption of capping the appreciation of yuan at 2.5%, an increase in China GDP of 5.5% in yuan would translate into an expansion of at least 8.2%, in dollar terms.

Given the global scenario, that is an impressive figure by any measure.

[MM-brgt]

I think China should first focus on its Covid problems, covid in India is declining we are back to our regular business again, while covid in China is rising day by day India was well prepared for the omicron virus China wasn't India is doing much better the Europe or America or Vietnam or South Korea or Japan or Russia when it comes to covid .

[tvl]

Like last time, China will beat their expectations easily. Due the Ukraine war most of the European Countries won't grow much. The inflation kills everything.

[chetanbannimatti]

Sir i want to know that Chinese government will allow indian or international students for this year before September .
Please 🥺🙏 let me know about this we are stucked in our native without Correct education arround two years .
I hope u would replie a positive news about this .
Please help us to coming back to China.🙏🥺😔

[polynesianwarrior]

If china china GDP growth target 5.5% thought the real growth is 7.8%