China will maintain average annual GDP growth within a 'reasonable' range over the next five years vs. a goal of above 6.5% for 2016-2020, Reuters reports, citing the government on Friday in its development plan for 2021-2025.
Additional takeaways
Annual growth rate in disposable income per capita over next five years to be 'in line with GDP growth' vs 2016-20 goal of over 6.5%.
Targets 65% urbanization rate by 2025 vs over 60% by 2020.
Will step up breakthrough in tackling frontline technologies such as AI, quantum information, semiconductors, gene and biotechnology over next five years.
Will modernize industrial supply chains to be more innovative, value-added and reliable.
Will implement long-term mechanism for stable, healthy development of property market.
To maintain reasonable level of fiscal spending, budget deficit over next 5 years.
To keep liquidity reasonably ample and keep growth in money supply and social financing basically in line with nominal GDP growth in next 5 years.
Will lower import tariffs, boost imports of consumers goods, advanced technologies and energy products.
Market reaction
The Chinese yuan is on the back foot despite the government having set the economic growth target for 2021 of above 6%.
USD/CNY currently trades at 6.4728, up 0.10% on a daily basis.
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