(Beijing Reuters) The Chinese government's consultant will suggest to the Central Economic Work Conference that the target of economic growth next year will be set between 4.5%and 5.5%.
Of the seven Chinese government consultants interviewed by Reuters, five people suggested that the growth target of China next year will be set at about 5%, which is the same as this year's goal.One consultant put forward 4.5%target, and the other was recommended between 5%and 5.5%.
The consultants interviewed said that this year China's economic growth was affected by the low base effect of the crown disease blocked last year. To achieve these goals, Beijing needs to increase financial stimulus.
Chinese economist Yu Yongding advocates setting the target of about 5%, and in favor of more than 4%of the budget deficit.
He believes that China needs to adopt expansion fiscal and monetary policy to stimulate overall demand; in addition, since corporate confidence has not been restored, corporate investment needs will not be strong, so it is necessary to expand infrastructure investment.
Government consultants will make suggestions at the Central Economic Work Conference next month. This annual meeting will judge the current economic situation and set up macroeconomic policies next year.
The Chinese economy only increased by 3%last year, one of the worst performances in the nearly half century.A survey by Reuters in October shows that economists expect that China will achieve 5%and 4.5%of economic growth this year and next year, and some economists have raised their predictions since then.
不少分析人士呼吁北京进行结构性改革，将经济增长的驱动力从房地产和Infrastructure investment, turning to the market allocation of home consumption and resources.However, despite some measures, the The confidence of consumers and investors has always been difficult to boost .
A government consultant said that if it cannot reach a consensus on reform, China will have to use stimulus measures to promote growth, but this will not sustainable.
