Commentary: Why does China not set specific economic growth target?

BEIJING – China decided not to set a specific annual economic growth target for 2020. It is a wise, farsighted and responsible decision to cope with complicated domestic and global situations.

The new narrative in the government work report submitted Friday to the country’s national legislature reveals the leadership’s down-to-earth principle of adapting to the uncertainties and immense difficulties caused by the coronavirus epidemic and the global economic recession.

The epidemic has taken a heavy toll on the Chinese economy in the first quarter, as the gross domestic product shrank 6.8 percent year on year.

Although the economy is sure to see a rebound with the government’s supportive policies, China must take full account of the difficulties, risks and uncertainties and heighten the sense of urgency.

The targets set by the Chinese government this year are more flexible and feasible, featuring a concept of sustainable development model that never seeks short-term gains at the cost of long-term benefits.

A train runs past the bridge over Yachi River during a trial operation of Chengdu-Guiyang railway in southwest China’s Guizhou Province, Dec. 2, 2019. (Xinhua/Liu Xu)

The report highlights the importance attached to promoting employment, giving full play to market entities and improving people’s livelihoods.

The employment must be stabilized with over 9 million jobs being created this year, as the report notes, highlighting the concept of putting people first.

The year 2020 marks a special year for China, as the country is in its final push to eliminate absolute poverty and build a moderately prosperous society in all respects. It means the government must provide adequate housing, medical and other public services to the people.

The fact that no specific target was set does not mean China has abandoned its resolve to achieve steady growth in the face of daunting difficulties. To achieve these goals, China must unswervingly stick to its policy of reform and opening up.

The new narrative demonstrates China’s resolve to become more realistic, flexible and farsighted, with the vision of innovative, coordinated, green, and open development that is for everyone.

The Chinese economy still has bright prospects. Despite a foreseeable fall in its GDP growth rate, China is expected to see its economy expand this year, and a robust rebound in 2021, according to the International Monetary Fund’s latest World Economic Outlook report.

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