China’s national gross domestic product (GDP) growth rate target for 2022 is expected to be announced during the ‘two sessions’ in March after it posted a better-than-expected economic growth of 8.1 per cent last year.
A story looking at Joe Biden’s American Rescue Plan took centre stage as the most read economy story of 2021 at the top of a list otherwise dominated by China-Australia relations.
Chinese Premier Li Keqiang says new tax relief policies are needed to offset the ‘difficulties of market entities’, particularly small and medium-sized enterprises.
Since Beijing announced plans to liberalise power pricing, Zhejiang and Guangdong have hiked electricity costs and other provinces are looking to make similar changes.
China’s slowing economic drive has ignited concerns about stagflation, which occurs when an economy is hit by slow growth, high inflation and unemployment.