Chinese Premier Li Keqiang signaled a focus on jobs, flexibility on the economic growth rate and a shift toward making its Covid control measures more targeted.
- most important thing was to keep employment and prices stable
- slightly higher or lower growth rates were acceptable as long as employment is relatively sufficient, household income grows and prices are stable (low inflation )
Bloomberg conveying the comments reported in China’s state media – Li Keqiang speaking to global business leaders hosted by the World Economic Forum on Tuesday.
China has a habit of hitting its GDP targets. There have been instances of overstating of growth rates in order to hit the targets. Indeed, some party leaders in some areas have been punished for doing so. The Premier here is really just acknowledging the lo=gical result of shutting down huge swathes of the economy for months on end.