Economy: China acknowledges falling short of growth target

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Self-criticism instead of optimism: China sacrifices the economy to fight the disease

At the quarterly Politburo meeting, which sets the country’s economic direction, modest tones dominated this time: the government has finally said goodbye to the self-imposed growth target for 2022.

China’s head of state Xi Jinping will herald his third term of office at the 20th party congress of the Communist Party in autumn. Until then, he will subordinate everything to social stability – including the economy.

Keystone/Markus Schreiber

When the Beijing Politburo, after all the Communist Party’s highest decision-making body, meets for its quarterly meeting, economists around the world sit up and take notice. Finally, the high-ranking party cadres set the economic direction for the coming months. But while self-confidence and optimism traditionally dominate the plenum, this time the 25-strong Politburo attracted attention with much more modest, even self-critical tones.