China's shift away from 5-year targets raises policy flexibility

The fourth session of the 13th National People's Congress (NPC) opens at the Great Hall of the People in Beijing, capital of China, March 5, 2021. - Xinhua

BEIJING: China's decision not to set an economic growth target for its new five-year plan will give policymakers more room to account for uncertainties and respond to changes, a senior state planner official said on Monday.

In its 2021-2025 economic plan delivered to the nation's legislature on Friday, China did not include any average annual growth targets, unlike the previous five-year plan issued in 2016.