Comments from Vice Chair of the National Development and Reform Commission of the People's Republic of China (NDRC) after the country's growth target
Comments from Vice Chair of the National Development and Reform Commission of the People’s Republic of China (NDRC) after the country’s growth target was set at around 5% over the weekend.
This was seen as a little disappointing. Analyst consensus was a touch higher around 5.5%. The more modest target reduces the need for economic stimulus at the margin.
China’s mainland stock markets are down a little on the session. The move will not extend into a rout while the National Congress is underway.
Remarks via Reuters headlines:
- China’s economy steadily improving
- Will further release
potential for consumption - Will prudently
tackle risks related to real estate, finance and local gov debt - Confident and capable of reaching this year’s CPI target
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The National Development and Reform Commission (NDRC) is a powerful economic planning agency in China, responsible for
- drafting and implementing China’s economic and social development plans
- regulating market competition
- ensuring stable economic growth
- approving major investment projects, both domestic and foreign
- regulating the entry and exit of foreign businesses into China
It oversees industries such as energy, transportation, telecommunications, and agriculture
- it sets prices for key commodities such as electricity, natural gas, and water
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