Delegates from the SAR and around the country are in Beijing for the opening of the Chinese People’s Political Consultative Conference on Tuesday and the National People’s Congress a day later, during which Beijing will announce its economic growth target for 2025.
Ho Lok-sang, an adjunct research professor from Lingnan University, said he expects mainland authorities to set a target of five percent, similar to last year’s.
“I’m pretty sure that the most likely target would be five percent, which is in my mind certainly within reach,” he said.
Ho highlighted the need for the world’s second-largest economy to pursue high-quality growth.
“It’s possible for China to achieve five percent, but there’s no need to raise the target to suggest that they’re very keen in pushing up economic growth. Five percent, I think, is a target that will produce the effect of giving confidence, and at the same time showing continuity.”
The academic believes under President Xi Jinping’s leadership, the priorities this year include spurring domestic spending, boosting confidence and attracting more foreign investment.
“It’s important to stimulate consumption. Internal consumption is something that’s within the government’s control, but external factors are difficult to tell… Continuing to open up is a main responsibility that President Xi has considered to be a priority, continuing to give the impression that we are really opening up, and all countries from Europe, North America, anywhere, are welcome to China.”
This year marks the end of the 14th Five-Year Plan, and authorities are now drawing up blueprints for the period between 2026 and 2030.
“We do not expect any surprises and I think it’s important for China – at this time – not to produce any surprises, because there had been some significant policy movement, initiatives in the past, and that had rocked market sentiments,” Ho said.
He also said improving governance is another key focus at this year’s “Two Sessions”.
“Improving governance has been on the agenda for quite some time, and improving governance is a way to boost people’s confidence in the leadership.
“Improving governance through introducing new laws can enhance people’s confidence in the policies.
“No one likes policies that come out of the blue, right? But if you improve governance, you’re securing an atmosphere that is guaranteed by the legal framework.”
