Experts laud Beijing’s priority on economic stability

Impressive development: Joggers at the Lujiazui financial district in Shanghai. The 5.5% target for economic growth indicates that China’s economy is rebounding after the extensive pandemic-induced lockdowns. — Bloomberg

BEIJING: China’s efforts to prioritise its economic stability are significant in many ways, experts say, as the nation’s consistency and policies offer good prospects for benefits through shared development during the post-pandemic recovery.

On March 5, Premier Li Keqiang delivered the government work report to the fifth session of the 13th National People’s Congress (NPC), in which he expounded on the “milestone” year 2021 and major tasks ahead.

Gerald Mbanda, a Rwandan researcher and publisher on China and Africa, said the report was “impressive” as most of the socioeconomic development targets had been achieved and some exceeded their goals.

China “has offered a great lesson that irrespective of political, economic and racial differences, the world community can enjoy the benefits of shared development, rather than competing in isolation,” Mbanda said.

He praised China’s commitment to peaceful global development and promoting the shared values of all humanity, both of which have been central in global developmental projects like the Belt and Road Initiative, the mega infrastructure project.

The premier also announced a series of targets for China’s development in 2022.

These include gross domestic product growth of about 5.5%, some 11 million new urban jobs, achieving stable macroeconomic performance, maintaining job security, expanding high-level opening-up and achieving peak carbon emissions and carbon neutrality.Muhammad Faisal, a research fellow at the China-Pakistan Study Centre at the Institute of Strategic Studies Islamabad, said this year’s NPC session was “significant in many ways for focusing on national economic recovery and growth after the pandemic”.

“Although the set target of economic growth of around 5.5% is the second-lowest target during the past three decades, it indicates that China’s economy is rebounding after extensive pandemic-induced lockdowns,” he said.

The scholar welcomed China prioritising its economic stability in 2022, which he called a “crucial year”, by offering new measures like tax cuts for businesses and the construction sector.

The premier announced a new package of tax refunds and cuts totalling 2.5 trillion yuan (US$395.62bil or RM1.65 trillion) this year to support enterprises. — China Daily/ANN