(A review of East Asian readers. No change in wording.)
* Counselors to provide the ideas you need before the general meeting
* The decline is likely to continue until 2022 on the crisis, COVID
* Economic stability seems essential in a year of leadership change
* Slowdown fans follow the principles of hope-reduction, change-oriented assurance
By Kevin Yao
BEIJING, Dec 2 (Reuters) – Chinese government advisers have urged regulators to set a 2022 economic growth target under the 2021 target, giving policymakers the opportunity to push for systemic change amid growing pressures.
Investors are looking forward to next year’s program and restructuring plan as President Xi Jinping and other senior leaders convene an annual Central Economic Work Conference to be held this month.
Three advisors told Reuters they had drafted plans to increase annual revenue from 5% to 5.5%, ahead of a closed meeting, down from the “top 6%” target of 2021.
“Ideally, we should have a growth of 5-5.5% or around 5.5% next year,” said one of the consultants.
“It is important to maintain economic stability next year as we unveil a new leadership, and we need policies to address the economic crisis.”
One of the consultants, from a government think tank, recommended a target of more than 5% next year.
The consultants submit the policy to the government but are not part of the final policy. It was not immediately clear when the proposal would be made. The counselors simply said no.
A Reuters survey in October showed economists expecting China to grow at a slower rate of 5.5% by 2022, but some analysts set out to predict new risks such as damage to real estate. Newer versions of Omicron coronavirus also appear to increase the risk.
Individually, Liu Yuanchun, vice president of Renmin University, said last month China should boost its growth by about 5.5% next year to help create new jobs in 12 million towns.
Top leaders acknowledge growing interest at the December conference, which is announced at the opening of the annual parliamentary session in March.
The world’s second-largest economy is facing several hurricanes by 2022, due to a shortage of supplies and strong COVID-19 measures that have hampered its use.
The economy, which led to a significant increase in last year’s epidemic, has declined in recent months as it struggles with declining productivity, huge market debt and the recent spread of COVID-19.
Planners are expected to boost financial and financial support next year to address the recession, with a special focus on tackling housing this year.
“We expect economic growth to slow down in terms of the economic downturn,” said Louis Kuijs at Oxford Economics.
“Policy makers remain committed to economic and operational risks, and have been willing to cut back on growth. However, in our opinion Beijing is very concerned about growth and wants to avoid major reductions.”
At last year’s economic summit, leaders vowed to use restructuring to focus on systemic change.
Establishing a target of a slightly larger “above 6%” of 2021 in March – a slight decrease of more than 8% of what the experts predicted at the moment – gave policymakers a greater chance of changing the painful but financially important ones.
The Xi reform is aimed at reducing economic dependence on assets and liabilities, placing more resources on high-tech production and creating a green, uniform economy.
But law enforcement, education and entertainment lawsuits have raised questions about the future growth of Chinese secret societies.
Last month, China’s ruling Communist Party approved an unanimous decision to elevate Xi’s position, combining his rule with the hope of a third term next year.
“As President Xi Jinping has achieved a third term, we hope that his radical change will continue.” .
But some experts believe that new pressures may be able to reduce the amount of time that is about to change.
Hu Yifan, regional regional chief economist and economist at UBS Global Wealth Management, said this week he expects the central bank to reduce the number of banks it has to deal with by Lunar New Year, in early February.
Following a reduction in the amount of savings in July, the central bank rejected expectations in the market to reduce the downtrend.
China is expected to unveil a new property tax regulator in several major cities next year, and potential investors including Shenzhen, Hangzhou and Haikou, according to experts.
Beijing hopes that property taxes can support real estate ideas, create new sources of government revenue and reduce the gap between the impoverished Chinese immigrants. (Reports by Kevin Yao; Edited by Sam Holmes)