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by Martin on March 10th, 2021

China plans to have 6% GDP growth in 2021

At the opening ceremony of the National People’s Congress, China announced another ambitious plan for the future. Believe it or not, this country targets 6% GDP growth in 2021, after successfully defeating coronavirus.

Economic recovery and GDP growth

The premier thinks that the country’s economic recovery has been good, but there are things that still need to be improved. For example, the pandemic created tough conditions for small businesses, as they were struggling to remain stable. China was not the exception, as the unemployment rate has been increased significantly. Despite all of these, the country plans to create 11 million urban jobs to help the situation. The government also wants to increase the consumer price index by 3%.

China’s GDP growth was 2.3% in 2020 and was considered the only major economy that expanded last year. Sounds good, right? If we look into the past, we’ll see that this is the weakest annual expansion since 1976. But the show must go on.

International trade, foreign investments, and military training

China wants to initiate the growth of China-U.S business relations, which must be mutually beneficial and respected. Besides that, the premier would like to have free trade negotiations with another two countries: South Korea and Japan. They even consider joining Trans-Pacific Partnership. In 2017, former U.S President Donald Trump canceled the deal and it is still unknown if Biden plans to recover it. The Chinese premier said that the country is still very committed to allowing more foreign investments in the country. Besides that, military training and defense-technology still remain a top priority.

Future plans for Hong Kong and Taiwan

China wants and plans to reunite with Taiwan in a peaceful manner. Authorities say that they will prevent any action that might attempt to interrupt the independence of the province.
Seems like the Chinese authorities are concerned about Hong Kong’s electoral system and want to change it. The main purpose is to prevent pro-democracy politicians from running their candidates in elections.

This is the agenda for 2021. Let’s see if China reaches its ambitious target and amazes us all.

By Martin

Martin is a professional trader with 3 years of working experience in a Cyprus based brokerage. After the experience, he moved to the UK where he became a financial news reporter at a local news outlet. His years of experience of trading helps him deliver the most quality news, while also analyzing the impacts of it on various markets.

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