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China takes decisive moves amid risks

2020-05-23 09:41:05       source:Global Times

May 22, 2020

China on Friday offered the most comprehensive and pragmatic assessment of the extraordinary circumstances for the country's social and economic development created by the COVID-19 pandemic, and made rare, decisive adjustments in a wide range of areas - from its overarching development goals to specific government spending - to minimize losses and secure social and economic stability amid lingering risks.

This year's Government Work Report, one of the closely-watched documents in China that sets the agenda for social and economic policies for the year, was distinct in form and substance, befitting a particularly trying time for the country not seen in over four decades of rapid ascendance. Among the most significant changes is a decision to end a tradition that has lasted over a quarter of a century to set a specific growth target, underscoring the particularly profound uncertainty ahead for the economy.

But in spite of those sobering realties, China remained unwavering in reaching its long-standing broader development goals of eradicating absolute poverty, and the report offered a robust blueprint for a steady recovery in the world's most populous country and second-largest economy with dozens of targeted policy measures centered on pressing issues such as jobs and living conditions. If properly executed, the plan will be sufficient to bring the country back on the right track ahead of other major economies, analysts said on Friday.    

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