Interpreting China’s unambitious growth target
The government has played it safe with the economy—and its own reputation
WHEN CHINA’S government sets its economic growth target for the year, it often faces a dilemma. A balance must be struck between inspiring confidence and maintaining credibility. A high target could give courage to entrepreneurs, making fast growth easier to achieve. But ambitious targets can also be missed, denting the government’s reputation. (They can also induce reckless stimulus spending to avert any such embarrassment.)
This article appeared in the China section of the print edition under the headline “Credibility over confidence”
From the March 11th 2023 edition
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