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23:11, 06-Mar-2019
China emphasizes more stable and healthy growth in 2019
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The second session of the 13th National People's Congress kicked off on March 5 as thousands of delegates gathered at the Great Hall of the People in Beijing.
Chinese Premier Li Keqiang delivered the annual government work report and revealed key figures for 2019.
Li said though China faced a complicated and challenging environment rarely seen in many years with the economy under new downward pressure, the nation managed to accomplish main targets for economic and social development in 2018.
Looking ahead, Li said it is necessary to sustain healthy economic development and maintain social stability to create a pivotal underpinning for completing the building of a moderately prosperous society. He also announced China's 2019 economic growth target of 6.0 to 6.5 percent, lower than last year's goal of around 6.5 percent.
David Mahon, executive chairman of Mahon China Investment Management believed the growth target for 2019 is just a figure.
“China has a much more sophisticated economy with a much higher base,” he noted.
"With growth just over 6% China could gain five, six, even seven trillion" to its economy.
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Mahon also pointed out that “the world can see China more clearly, it is a very different country”. As the country's fast growing and becoming stronger, "it has been cast as a threat," even though it's not, as he added.
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Michele Geraci, under-secretary of state at the Italian Ministry of Economic Development shared his vision on China's future development. He mentioned three engines that will help accelerate GDP growth, namely poverty reduction, green economy, and migration flow.
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Premier Li's report also stated that the government will make major improvements to the environment for the private sector, encouraging, supporting and guiding its development.
Robert Koepp, director of the Economist Corporate Network welcomed the move, saying "the small and medium-sized enterprises are the most vibrant part of any economy". More government support will hopefully bring more stimulus to the private sector, and provide more jobs.
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Dr. Chen Hong, the founder and chairman of the Hina Group, noted that China will cut billions of dollars in taxes and fees in 2019, and expressed belief that the SMEs will benefit from the move after suffering from heavy social and security taxes in the past, which led some to close their doors. The issue, however, lies in how to implement these measures, he stated.
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