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China prioritizes economic stability

Answering the press after the end of the 5th session, the 13th National People’s Congress of China, Premier Li Keqiang clarified the policy of the world’s second economy in 2022, issues on economic growth, the Covid-19 epidemic, as well as US-China relations…, in which, economic stability was identified as a top priority.

The Chinese government affirmed that the more difficulties you face, the more confident and steadfast you must be.
The Chinese government affirmed that the more difficulties you face, the more confident and steadfast you must be.

Growth – it takes hard work to achieve

In the Government Work Report at the Congress, Chinese Premier Li Keqiang affirmed the great achievements that the country has just made in 2021 – a landmark year – with winning the fight against poverty, comprehensively build a well-off society, complete the first 100-year goal and step into the stage of building China into a modern socialist country.

In 2022, with the aim of GDP growth of 5.5%, the Chinese government continues to maintain the goal of creating jobs for more than 11 million people and increasing the consumer price index (CPI) by about 3% as in 2021, in when the budget deficit dropped to about 2.8%, compared to 3.2% in 2021.

Chinese economists believe that a growth rate above 5% according to the government’s target is a “safe zone” for the country’s economy.

However, in January, the International Monetary Fund (IMF) cut its forecast for China’s economic growth in 2022 to 4.8%, from 8.1% in 2021.

According to the IMF, the world’s second economy is recovering from the Covid-19 pandemic, but has slowed down and is still unbalanced; vulnerable to risks from the impact of the epidemic on consumer spending and the plunge of the real estate market following efforts to control debt in this sector.

Not denying the IMF’s assessment, Mr. Li Keqiang also said that “this is a high-average growth rate on a high basis, which requires arduous efforts to achieve”. And setting economic growth targets mainly considers the need to stabilize jobs, ensure people’s livelihood and prevent risks.

The Prime Minister explained that the 5.5% target seems to have slowed down. But like “climbing high mountains”, with the country’s GDP in 2021 of 114,370 billion yuan (about 17,993 billion USD), reaching that number is really not simple. If you want to climb a mountain 1,000m, climbing 10%, then 100m is enough; But with a mountain of 3,000m high, if you want to climb 5%, it must be 150m. And the higher you go, the lower the air pressure decreases and the less oxygen there is.

At the same time, the policy measures adopted this year will not only deal with short-term problems, but will also solve many medium and long-term problems, such as climate change, disparity income and debt disparity, solve all problems through development.

Keep the door open

The Covid-19 epidemic is currently one of China’s biggest challenges, with the “Zero-Covid” policy, in the immediate future, it will signal major problems affecting trade and tourism links with many countries. in the region and the world, such as strict import of goods and border closure.

However, when asked by the media if Beijing had a roadmap to open up to the world, Premier Li Keqiang replied that the SARS-CoV-2 virus had mutated and some rules still needed to be followed. in-depth study. Research and development of effective drugs and vaccines against Covid-19 also need to be strengthened. The international community needs more cooperation.

China’s solution is to open a “fast lane” and a “green lane” to ensure normal production and operation for enterprises, as well as projects in key links, and will continue to integrate gain experience, promptly respond to possible changes and gradually improve logistics and circulation of people and goods.

Mr. Li Keqiang pointed out that China’s economy has deeply integrated into the world and the country is also in the process of transitioning from the low-middle level to the middle and high-end in the industry chain. The market potential is huge and there is a lot of room for different types of investments.

Premier Li Keqiang emphasized: “Currently, international entrepreneurs come to China to develop themselves, and at the same time provide investment and sales channels, provide goods that China needs, and benefit both countries. parties and there is no reason to restrict it; as well as the antitrust and unfair competition that China is doing is to maintain fair competition among enterprises.

Accordingly, foreign capital flows will not need to worry when China realizes its own economic goals, because this country pursues the goal of “common prosperity”, which means cooperation.

Mr. Li Keqiang said, “The policy of opening up to the outside world will not change, and at the same time, the Foreign Investment Law has clear regulations on development orientation. If you want to change, this law will only develop in the direction that is favorable for opening up, investment and trade.”

Through this, the Chinese Premier also announced that, in 2022, the Regional Comprehensive Economic Partnership (RCEP) is officially implemented, Beijing will take this opportunity to turn the economy into a “point of interest”. hot” globally for foreign investment.

On another notable issue – the relationship with the world’s number one economy, the Chinese Premier affirmed that he is persistent in opening the door – “No matter how the international situation changes, China will resolutely open the door”. He emphasized, “after the door is opened, it should not be closed”, when recalling the US-China relationship after the visit to “break the ice of relations” and start the journey to normalize relations a few years ago. 50 years of US President Richard Nixon.

Li Keqiang said that the trade turnover between the world’s two leading economies will surpass 750 billion USD in 2021, up nearly 30% over the same period last year. This proves that the field of bilateral cooperation is very wide and has great potential. If the US eases export restrictions on China, bilateral trade will be even higher, both countries and people will benefit from this. The Chinese side is willing to work with the US side to seek long-term benefits.

Finally, when referring to the challenges in achieving the set goals, the Chinese Premier said: “A comprehensive analysis of development dynamics at home and abroad indicates that this year our country will face more risks and challenges and we must continue to work to overcome them. The more difficulties we face, the more confident we must be and take certain steps to achieve results.”

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