China abandons GDP target for first time in decades. Historical decision, significance goes beyond current COVID-19 crisis. (1/5) #GDP #China #TwoSessions
bit.ly/2XqPG8a
bit.ly/2XqPG8a
Very wise to drop GDP target. Many, including Liu He, probably want to see it disappear permanently. But GDP target much more than a policy goal. GDP growth = foundation CCP's legitimacy for over 30 yrs. Scrapping 2020 target also affects CCPs long-term promises and goals.. (2/5)
What is next? Do GDP targets (including long term 2020-target) permanently disappear? Simply postpone achieving 'moderately prosperous society' for 1 year? Or further redefine this long-term goal? Shift to (more) environment, health, well-being targets? (3/5)
Away with GDP, but no lack of new economic targets: Employment: create 9 million new jobs; Inflation: CPI 3,5%. Targets remain important, it is central to CCPs legitimacy strategy (4/5). #employment #inflation #TwoSessions #China #legitimacy
Want to know more about the origin of the GDP target? My article about the topic in Chinese Political Science Review is #openaccess (5/5) rdcu.be/bQUyO #GDPtarget #China #TwoSessions #GDP
