China's NDRC: Focus on annual GDP targets gives greater policy flexibility
Speaking at a press conference on the sidelines of the annual parliament meeting, Hu Zucai, Vice Director of China’s National Development and Reform Commission (NDRC), said that Beijing refrained from setting an economic growth target in its most recent five-year plan, as it allows the policymakers greater flexibility.
Key quotes
“China will set annual growth goals throughout the five-year period contingent on the circumstances, as predicting growth for the year period would be easier.”
"By not setting a specific and quantitative (five-year) growth target, we will be more proactive, active and at ease in coping with all sorts of risks, which is conducive to boost the flexibility of our development."
“It also helps to guide agencies to focus on improving the quality of efficiency of growth, instead of just numerical growth.”
"We are confident that GDP will maintain a certain level (over the next five years).”
Market reaction
USD/CNY was last seen trading at 6.5069, up 0.17% on a daily basis, having refreshed two-month tops at 6.5115 in the last hour.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
