China's Economic Growth Target Around 5% This Year... Consumer Price Inflation Target at 2%

Bloomberg reported on the 5th that the Chinese government has set this year's economic growth target at around 5%, the same as last year.

The work report of the National People's Congress (NPC), which opened on the same day, included this growth target.

On the 4th, the opening ceremony of the Chinese People's Political Consultative Conference was held at the Great Hall of the People in Beijing, China. Photo by AFP Yonhap News

Amid last year's economic downturn in China and the full-scale trade war with the Donald Trump administration in the United States this year, the same target has been set for three consecutive years. Bloomberg stated that Chinese authorities are expected to roll out more economic stimulus measures to counter the US-China trade war.

This year's consumer price index (CPI) target was lowered to 2%, below 3% for the first time since 2004. This is the first time in 20 years, and Bloomberg interpreted it as a clear sign that China is finally acknowledging deflationary pressures.

This year's fiscal deficit rate was set at 4% of gross domestic product (GDP), the highest level since 1994.