Comments from Vice Chair of the National Development and Reform Commission of the People's Republic of China (NDRC) after the country's growth target was set at around 5% over the weekend.
This was seen as a little disappointing. Analyst consensus was a touch higher around 5.5%. The more modest target reduces the need for economic stimulus at the margin.
China's mainland stock markets are down a little on the session. The move will not extend into a rout while the National Congress is underway.
Remarks via Reuters headlines:
- China's economy steadily improving
- Will further release potential for consumption
- Will prudently tackle risks related to real estate, finance and local gov debt
- Confident and capable of reaching this year's CPI target
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The National Development and Reform Commission (NDRC) is a powerful economic planning agency in China, responsible for
- drafting and implementing China's economic and social development plans
- regulating market competition
- ensuring stable economic growth
- approving major investment projects, both domestic and foreign
- regulating the entry and exit of foreign businesses into China
It oversees industries such as energy, transportation, telecommunications, and agriculture
- it sets prices for key commodities such as electricity, natural gas, and water
