Of Incomplete Plans And Recoveries

At the monthly press conference China’s National Bureau of Statistics (NBS) now regularly gives whenever the Big Three economic accounts are updated (this time along with quarterly GDP), spokesman Liu Aihua was asked by a reporter from Reuters to comment on how the global economic recession might impact the Communist government’s long-range goal of reaching its assigned GDP target. Liu started by saying that much of it was already done, anecdotally at least.

Since the reform and opening up, our understanding of comprehensive well-off has been continuously enriched. The problem of food and clothing for the people has now been solved, and the overall well-off has been achieved. On this basis, the report of the Nineteenth National Congress of the Communist Party of China pointed out that by the 100th anniversary of the founding of the Party, a well-off society with a more developed economy, more sound democracy, more progress in science and education, a more prosperous culture, a more harmonious society, and a more substantial life for the people. Therefore, building a well-off society in an all-round way is a complete, systematic and comprehensive target system.

A lot of words for a rather simple question. Not avoiding it entirely, though, a more direct answer was given and given a big weasel.

As long as the deployment arrangements and policy measures proposed in the “Government Work Report” are implemented, the goal of building a well-off society in an all-round way will surely be achieved on schedule.

That’s the thing about these Communists and their bureaucracies. Up until this year, just recently, the Government Work Report, among other assignments, forced whichever top official’s portfolio to produce a GDP target in order to reassure all the comrades this well-off society was on track.

Instead, Li Keqiang was given the task a few months ago of explaining how no such target would be produced this year, given the special circumstances and all.

Which was, I believe, the whole point behind the Reuters reporter’s question. The government will say that everything is on track every time it is asked, but when the next Government Work Report is produced, along with the next (14th) five-year plan which is close at hand, what’s to stop the leadership from changing the timeframe or even the economic goals themselves?

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Disclosure: This material has been distributed for informational purposes only. It is the opinion of the author and should not be considered as investment advice or a recommendation of any ...

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