2016年CRI China Sets Flexible GDP Target to Gain Steam for Structural Reform

 

In his annual government work report at the NPC session, Premier¹ Li Keqiang announced a flexible GDP target, calling it a reasonable growth range as China is gearing up its structural² reforms.

"The main development targets for 2016 are as follows: GDP growth of 6.5% to 7%. CPI increase kept at around 3%. Creation of at least ten million new urban jobs."

Premier Li Keqiang mentioned the "reasonable range" for economic growth in the 2014 government work report, but this is the first time the concept has been put into use for the country's GDP target.

Dr. Bessma Momani from Centre for International Governance in Canada says the change is noteworthy.

"I think suggesting that there's a flexible range rather than a hard number is a good sign that the government is more open to different interpretation³ of what would be the final number."

Xiang Songzuo,a renowned⁴ Chinese economist⁵, also believes the flexible GDP target is a good idea for the country.

"I think that's necessary. Growth rate of GDP is not the top priority for Chinese economy. All these traditional sectors⁶ will be going down, we must rely on infrastructure⁷, rely on the new industries to push up growth. But I don't think the growing of the new sectors can compensate⁸ the decline of the traditional sectors. So that's rational for Premier Li Keqiang to set up a very reasonable or rational target of GDP."

Besides being a rational target, Asian Development Bank Senior Economist Zhuang Jian believes, such a concept will also help governments at all levels to steer⁹ the economy in the right direction.

"Setting range of target can help to give more chance, more time to make structural changes. That will ensure a sustainable growth of China. You should set a ceiling of the growth to avoid inflation, but at the same time you should also ensure the growth could not be lower than necessary for absorb or create more job opportunity."

Official statistics show that China's economy grew 6.9 percent year on year in 2015, its slowest annual expansion in a quarter of a century. Therefore structural reforms have been highlighted as one of the country's key economic tasks. GDP growth rate is no longer a leading index to evaluate development.

Xiamen Airlines CEO and NPC Deputy Che Shanglun says such an adjustment would enable local governments to focus more on the key task.

"Setting a certain rage of GDP target is more objective, more practical, and more suitable to Chinese realities. It emphasizes that the economic development should be of steadiness and of quality."

Deputy Deng Sanlong, Director of the Forestry¹⁰ Bureau of Hunan agrees. He says the setting of a flexible growth target, along with cutting overcapacity and promoting the service industry, are part of the structural reforms the Chinese economy needs, and will help the country emerge from its economic slowdown in the long run.

"I think we should have a correct view of the growth rate of China. Though it is experiencing a slowdown, the economic development of China is still on the top of the world. As deputies to the People's Congress, we are confident for the development of China, full of hope and expectation."

In his government work report, Chinese Premier Li Keqiang did not speak lightly of challenges facing the country's economy. However the measures listed by him have exerted confidence not only in the NPC deputies, but also in some foreign officials who were invited to observe the NPC session. Canadian ambassador Guy Saint-Jacques was one of them.

"Overall, I remain quite optimistic about the situation in China. And of course, I will be following very closely everything with regard to the economic reforms and how the Chinese government to improve the economic situation."

For more on this year's government report, we are now joined by Lin Shaowen, our senior political analyst¹¹.

1 premier   

adj.首要的；n.总理，首相

参考例句：

• The Irish Premier is paying an official visit to Britain.爱尔兰总理正在对英国进行正式访问。
• He requested that the premier grant him an internview.他要求那位总理接见他一次。

2 structural   

adj.构造的，组织的，建筑（用）的

参考例句：

• The storm caused no structural damage.风暴没有造成建筑结构方面的破坏。
• The North American continent is made up of three great structural entities.北美大陆是由三个构造单元组成的。

3 interpretation   

n.解释，说明，描述；艺术处理

参考例句：

• His statement admits of one interpretation only.他的话只有一种解释。
• Analysis and interpretation is a very personal thing.分析与说明是个很主观的事情。

4 renowned   

adj.著名的，有名望的，声誉鹊起的

参考例句：

• He is one of the world's renowned writers.他是世界上知名的作家之一。
• She is renowned for her advocacy of human rights.她以提倡人权而闻名。

5 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

6 sectors   

n.部门( sector的名词复数 )；领域；防御地区；扇形

参考例句：

• Berlin was divided into four sectors after the war. 战后柏林分成了4 个区。 来自《简明英汉词典》
• Industry and agriculture are the two important sectors of the national economy. 工业和农业是国民经济的两个重要部门。 来自《现代汉英综合大词典》

7 infrastructure   

n.下部构造，下部组织，基础结构，基础设施

参考例句：

• We should step up the development of infrastructure for research.加强科学基础设施建设。
• We should strengthen cultural infrastructure and boost various types of popular culture.加强文化基础设施建设，发展各类群众文化。

8 compensate   

vt.补偿，赔偿；酬报 vi.弥补；补偿；抵消

参考例句：

• She used her good looks to compensate her lack of intelligence. 她利用她漂亮的外表来弥补智力的不足。
• Nothing can compensate for the loss of one's health. 一个人失去了键康是不可弥补的。

9 steer   

vt.驾驶，为…操舵；引导；vi.驾驶

参考例句：

• If you push the car, I'll steer it.如果你来推车，我就来驾车。
• It's no use trying to steer the boy into a course of action that suits you.想说服这孩子按你的方式行事是徒劳的。

10 forestry   

n.森林学；林业

参考例句：

• At present, the Chinese forestry is being at a significant transforming period. 当前, 我国的林业正处于一个重大的转折时期。
• Anhua is one of the key forestry counties in Hunan province. 安化县是湖南省重点林区县之一。

11 analyst   

n.分析家，化验员；心理分析学家

参考例句：

• What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
• The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。