China Omits Mention of GDP Growth Goal, Aims for 'Best Possible' Results Instead

China will try hard to achieve the best possible results for the economy this year, state media said on Thursday after a high-level meeting of the ruling Communist Party, dropping previous calls that it will strive to meet its 2022 growth target, Reuters reported. In the second half, China should "stabilise employment and prices, maintain economic operations within a reasonable range, and strive to achieve the best possible results," Xinhua news agency reported, after the 25-member Politburo chaired by President Xi Jinping met to assess the economy. The world's second-largest economy narrowly avoided contracting in the second quarter due to widespread COVID-19 lockdowns. Analysts said Beijing's full-year growth target of around 5.5% had been looking increasingly unattainable. China last missed its growth target in 2015. First-half gross domestic product grew only 2.5% from a year earlier, pointing to huge pressure in the second half, amid fears of a global recession, uncertainties from the Ukraine war and worries of recurring COVID lockdowns. After an April Politburo meeting, state media reported that China will "work hard to realise the annual economic and social development targets." On June 22, Xi, at the opening of a BRICS forum, said China would take more measures to achieve its annual economic goals while minimising the impact of its COVID-19 prevention and control measures as much as possible. Read more.
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