China’s All-People’s Day Opening Economic Growth Targets and Economic Measures Focus May 22 at 5:44
In China, the National People’s Congress, which had been postponed due to the spread of the new coronavirus infection, will begin in Beijing on Sunday. As the economy slumps in the wake of the spread of the infection, the focus is on how to set the target for the economic growth rate announced annually.
China’s all-population is one of the most important political dates to decide the policy of the year, attended by President Xi Jinping and other members of the communist party’s top leadership and representatives from around the world, and it will be postponed for about a month and a half, and will open in Beijing on Sunday.
On the first day of the event, Prime Minister Lee Katsuyan will report on government activities, and under the direction of President Xi, he will appeal to the country that it has achieved significant results by curbing infections, and will emphasize his willingness to move further toward economic recovery in the future.
In China, with the spread of infection, the economy is depressed, with the growth rate of gross domestic product from January to March reaching minus 6.8,000, and the focus is on how to set the target for economic growth, and what specific economic measures to show, such as large-scale fiscal stimulus to rebuild the economy.
In addition, as we strengthen our confrontational stance with the United States over how to deal with the spread of infection, it will also be interesting to see how much we will include defense spending in our budget, which has continued to increase in the form of countering the United States.
Meanwhile, at a press conference on The 21st night, The National Government spokesman, Zhang Jiao, announced that he would deliberate on the development of laws to maintain security in Hong Kong, where protests continue.
Although the specifics are not disclosed, there is growing alarm among Hong Kong citizens that if the Chinese government enacts laws directly, they will lose two systems in one country.
Focus on economic measures
One of the highlights of Kotoshi’s entire generation is what concrete measures to come up in order to support the economy that has been hit hard by the new coronavirus.
In order to support companies affected by the spread of the infection, the Central Bank of China has issued a series of monetary easing measures, such as lowering the deposit reserve rate and supplying the market with more than 1 trillion yen in Japanese yen, as well as reducing social insurance premiums and cutting taxes.
In some cases, local governments have their own consumption stimulus programs, such as distributing “gift certificates” or subsidizing new vehicles.
In order to implement more large-scale economic measures, Xi Jinping plans to issue special government bonds to implement new coronavirus measures, as well as expand the issue of bonds for local governments to invest in infrastructure, indicating the scale of fiscal stimulus and specific measures for all members of the generation.
Is it the lowest level of economic growth in 44 years?
In China, the effects of the new coronavirus have raised the possibility that the economic growth rate will reach a low level for the first time in years.
In China, the spread of the new coronavirus was the fastest in the world, and since January, production of factories has been halted in various places due to various restrictions, including the movement of people to curb the spread of the infection, and many stores, excluding supermarkets, have been forced to close, and the impact has been widespread.
As a result, gdp and gross domestic product in the first quarter from January to March were minus 6.8% compared to the same period last year, the first negative since 1992, when quarterly statistics were published.
Since then, industrial production has recovered positively for the first time in four months, and new car sales and mobile phone shipments have recovered to a level higher than last year, as a result of the Chinese government’s “basically suppressing the spread of infection in Japan” and urged the resumption of economic activity.
However, as the infection continues to spread again, citizens’ consumer sentiment has not returned to normal, and sales of jewelry and clothing continue to decline, and the service industry continues to be in a difficult situation, with sales of jewelry and clothing continuing to decline, and sales of last month’s food and beverage industry falling more than 1%.
Furthermore, due to the spread of infection overseas, there are concerns about a decline in exports, and the outlook is uncertain.
As a result, many private think tanks have predicted that China’s economic growth rate for the year will be around 1 percent to about 3 percent, and it is likely to remain at a low level for the first time in 44 years since 1976, the last year of the Cultural Revolution that caused major social and economic turmoil.
China’s economic downturn affects key policies
The decline in the Chinese economy, which was affected by the new coronavirus, is also affecting important policies set forth by Xi Jinping’s leadership.
Xi Jinping’s leadership is setting a goal to achieve a slightly more relaxed society and a “koyasu society” by the end of the year before the 100th anniversary of the founding of the Communist Party of China next year.
The pillar is to double the gdp and the average income of the nation compared to 2010.
Private think tanks and others estimate that the last year to achieve the target is to grow GDP by around 5.6%.
However, china’s economy has been hit hard by the spread of the new coronavirus, with GDP up to minus 6.8 percent from january to March compared to the same period last year, making it difficult to meet its target.
Xi Jinping has set goals for the realization of a “small society” and the improvement of environmental issues, and emphasizes that eradicating poverty is the most important task.
As xi Jinping’s leadership, there is a view that policy direction will be set out in a way that emphasizes the eradication of poverty in all the people’s generations, as it is necessary to appeal to the achievement of the “koyasu society” toward the prestige of the Communist Party.
“The situation is improving, but far from normal”
In the report of the government activity carried out by the Prime Minister on the first day, the target of the economic growth rate for the year is shown every year, and it is paid attention how to set out the target and the economic policy in what way while the future of the economy cannot be predicted by the spread of the infection of the new coronavirus.
Xiao Yan, former director of the Institute of Finance at China’s Ministry of Finance and director of the Huachun New Supply and Economicresearch Institute, said of the current state of the Chinese economy, “Although production is progressing, it has not fully recovered. Some supply chains are disconnected or orders have stopped. The situation has improved since April, but it is still far from normal,” he said, adding that a full-fledged recovery would take time.
He then stated that the goals for economic growth, which are set by all people, “may be more like broad guidelines,” and pointed out the possibility of a different form than the previous year, which has set specific numerical targets.
Regarding economic policy, he said, “Not only will we increase the budget deficit and increase the amount of local government bonds issued, but will also issue special government bonds to respond to the new Coronavirus as an emergency measure. The scale will be large,” he said, indicating the prospect that a large-scale fiscal stimulus will be launched to support the economy.
Regarding the future of the Chinese economy, he said, “It is difficult to predict the future because trade in the second quarter (April to June) and the third quarter (July to September) will be even tougher, and it is difficult to predict the future, given the fact that the economy is affected by the spread of infection in Europe and the United States.”