China sets lowest economic growth target in decades at annual meeting
China has set its lowest annual GDP target in decades, as premier Li Keqiang warned of a “grave and uncertain” outlook against the backdrop of the coronavirus, a slowing economy and uncertainty over the war in Ukraine.
Li announced on Saturday the unusually modest target of about 5.5% growth for 2022 – the lowest since 1991 – in an address to about 3,000 members of the National People’s Congress in Beijing’s cavernous Great Hall of the People.
Li said the world’s second-largest economy “will encounter many more risks and challenges, and we must keep pushing to overcome them”. He did not mention the ongoing war in Ukraine and its implications for the global economy.
China’s economy is a key driver of global growth and crucial domestically for the ruling Communist party. Last year it reported an 8.1% rebound.
Yet the party is deeply concerned over social instability in its huge population should economic growth dip too low. Economic stability must be a “top priority”, Li added.
The annual parliament session is a week of highly choreographed meetings laying out the party’s political priorities, economic expectations and foreign policy goals, and this edition comes in a year in which president Xi Jinping intends to further cement his grip on power.
Prior sessions have announced high-profile legislation such as the controversial national security law imposed on Hong Kong and reversals to the country’s one-child policy, but no flagship laws are expected this year.
The agenda of these meetings were set well in advance, therefore it is unlikely that there will be much open discussion about ongoing developments elsewhere in the world, said Patricia Thornton, associate professor of Chinese politics at Oxford University.
“But China’s
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