The target growth rate of the Chinese economy this year is expected to be 5.5%. This was stated on Saturday, March 5, in a government report published at the 5th session of the 13th National People’s Congress.
“The following main indicators of socio-economic development were planned for 2022: GDP growth will be approximately 5.5%,” the document says.
It is noted that the inflation rate in China this year will be about 3%.
“The growth of the consumer price index (inflation – Ed.) is expected to be at the level of approximately 3%,” the report says.
The document clarifies that the increase in the income of the population of the country “as a whole will occur in proportion to the growth of the economy.”
At the same time, it is predicted that the unemployment rate in China this year will be about 5.5%.
“The unemployment rate, calculated on the basis of sample studies in cities and towns, will be kept within 5.5%,” the document says.
The authorities also plan to create about 11 million new jobs.
In addition, according to the country’s socio-economic development plan, the Chinese state budget deficit will be 2.8% of GDP, which is slightly lower than last year.
The report also states that China intends to step up oil and gas exploration in 2022.
“[Необходимо] build up our own potential for the production of resources, intensify the exploration and development of oil, gas, minerals and other natural resources, improve the system of state strategic reserves, ensure the supply of primary products, ”the government report says.
Earlier, on January 17, it was reported that in 2021, China’s GDP grew by 8.1%, which exceeded the target of the country’s authorities at the level of “above 6%.”
At the same time, in the fourth quarter of 2021, the growth of the Chinese economy slowed to 4% in annual terms, which was the weakest increase since the second quarter of 2020. However, according to the survey Reuterseconomists expected the Chinese economy to grow by 3.6% in the fourth quarter.
Overall, the agency notes that the Chinese economy recovered well in 2021 from the pandemic, showing the best result in a decade, helped by “sustainable exports.” However, there are signs of a slowdown in growth due to weakening consumption and a downturn in the country’s real estate market, indicating the need for additional political support.
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