China announced GDP growth target of at least 6.5% during the 13th Five-Year Plan in 2016-2020 and 6.5%-7.0% for 2016 at the National People's Congress. Some Western economists claim such targets cannot be achieved.
China's new GDP growth target of 6.5 to 7 percent for 2016 comes as no great surprise given the recent economic slowdown both within China and globally. However, the fulfilment of this goal will face grave pressure.
The success in achieving the goals will lay a solid foundation for China to build an all-round xiaokiang society and to prepare for the next stage of development so that it can avoid the curse of the middle-income trap.
The discussion of reforms suggests a cautious approach on this front. But the government rightly stresses the need for progress in "new" urbanization－enabling migrants to live and spend as full urban citizens, which requires access to public services in urban areas.
China has the chance to embrace a sustainable economic growth model that will benefit its people as well as become an example for others to follow.
What better setting to kick off the 13th Five-Year Plan (2016-20) period and to push forward the "Healthy China" that the 13th Five-Year Plan calls for!
The five-year project aims at moving economic growth to a new orbit with more focus on quality through boosting efficiency through innovation, SOE reform and upgrading of skills.
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