China’s gross domestic product (GDP) could expand 8-9 per cent in 2021 as it continues to rebound from the COVID-19 pandemic, Liu Shijin, a policy adviser to the People’s Bank of China, said on Friday.
This speed of recovery would not mean China has returned to a “high-growth” period, said Liu, as it would be from a low base in 2020, when China’s economy grew 2.3 per cent.
Analysts from HSBC this week forecast that China would grow 8.5 per cent this year, leading the global economic recovery from the pandemic, reports Reuters.
If 2020 and 2021’s average GDP growth is around 5.0 per cent, this would be a “not bad” outcome, said Liu, speaking at an online conference.
China is set to release a government work report on March 5 which typically includes a GDP growth target for the year.
Last year’s report did not include one due to uncertainties caused by the coronavirus. Reuters previously reported that 2021’s report will also not set a target.