Editorial | Challenging year lies ahead as Li Keqiang signs off seeking 5.5 per cent growth
- Amid a fragile global economy, Ukraine crisis and Covid-19 pandemic, now rampant in Hong Kong, to hit such a target will be no mean feat
What also set it apart was that he bowed out with an economic growth target for this year of 5.5 per cent – the lowest for 31 years, but far from the easiest to achieve.
Amid a fragile global economy, the Ukraine crisis and the Covid-19 pandemic, now rampant in Hong Kong, many economists have greeted it with scepticism. This was reflected in questions at the press conference.
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China aims for modest 5.5% GDP growth in 2022, citing economic pressures
To put it into perspective, China’s economy under Li’s watch more than doubled from 51.9 trillion yuan in 2012 to 114.4 trillion yuan (US$18.1 trillion) last year.
As Li pointed out, a 5.5 per cent increase would equal the total output of a medium-size country. It would be no mean feat. But he sounded confident.
He highlighted stability in the jobs market, the simplification of bureaucracy and cuts to red tape, taxes and fees. Indeed, there will be even more emphasis this year on cutting taxes and fees, especially for job-creating micro and small enterprises.
Job creation – at least 11 million in urban areas alone – is at the centre of the growth strategy. Li said jobs were key to maintaining “potential economic growth”.
