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| In a statement after its quarterly economic meeting, the 25-member Politburo, which is chaired by President Xi Jinping, said leaders would "strive to achieve the best results possible". (Photo by= Reuters) |
[Asia News = Reporter Reakkana] China has signaled that it may miss its annual economic growth target, as Covid restrictions weigh on the world's second-largest economy. On Thursday, the Politburo - the ruling Communist Party's top policy-making body - said it aims to keep growth within "a reasonable range", BBC reported.
It did not mention the official growth target of 5.5% it had earlier set. China continues to pursue a zero-Covid policy that has put major cities into full or partial lockdowns. In a statement after its quarterly economic meeting, the 25-member Politburo, which is chaired by President Xi Jinping, said leaders would "strive to achieve the best results possible". However, it also called on stronger provinces to work to meet their growth targets.
Meanwhile, analysts said the lack of a GDP mention was notable, though economists had earlier predicted it would be difficult for China to reach its 5.5% target. Earlier this month, China said its economy had contracted sharply in the second quarter of this year. In 2020, China made the rare decision to scrap its GDP targets, in light of the pandemic. GDP measures the size of an economy. Gauging its expansion or contraction is one of the most important ways of measuring how well or badly an economy is performing and is closely watched by economists and central banks.
