The Chinese government has set an economic growth target of around 5% for 2021, according to Premier Li Keqiang’s opening speech at the National People’s Congress. This figure is lower than the 6% target set in 2020, which the country failed to meet due to the impact of the COVID-19 pandemic.
Li also highlighted China’s goal of achieving peak carbon emissions by 2030 and carbon neutrality by 2060, and emphasized the importance of innovation and technology in driving economic growth. He also announced a range of measures to support small businesses and increase employment.
The Chinese government’s commitment to reducing carbon emissions is a significant development, as the country is the world’s largest emitter of greenhouse gases. Achieving carbon neutrality by 2060 will require a major shift in the country’s energy mix, which is currently dominated by coal. The government’s focus on innovation and technology also reflects a desire to move the country up the value chain and reduce its reliance on low-cost manufacturing.
The Chinese government’s economic priorities for 2021 reflect a combination of short-term measures to support the economy in the wake of the pandemic, and longer-term goals aimed at transitioning to a more sustainable and innovation-driven economic model. However, achieving these goals will require significant investment and policy reforms, as well as navigating a complex geopolitical landscape.