The Wall Street Journal (gated) with the report.
China’s Communist Party Politburo is the one-party country's top policy-making body:
- Issued a statement on Thursday its quarterly economic meeting
- all but acknowledged that the country would miss its annual growth target this year
- signalled that they would stay the course on zero-tolerance Covid-prevention measures
- would take only cautious steps to support the struggling property market
- would aim to keep the economy running within “a reasonable range” in the second half of the year
The Journal say the leaders have given up on the growth target given the statement:
- urged stronger provinces to strive to meet their annual growth targets—an implicit acknowledgment that others would miss their benchmarks
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The target is around 5.5%. Analysts outside China (and therefore not facing the threat of harsh CCP measures should they question the leaders) do not expect China to meet its official goal. The Politburo's (eventual) acceptance of reality may free up some analysts in China to publicly issue revised forecasts.
