China’s newly announced GDP growth target for 2021 indicates that China is reverting to past growth drivers at the expense of reforming and reorienting its economy toward innovation and sustainable growth. This conservative approach could be an early indicator that China’s post-COVID economic recovery is not as solid as raw data indicates. In his speech to the National People’s Congress on March 5, Premier Li Keqiang set a growth target of “above 6%” well below most forecasts, including the International Monetary Fund (IMF) projection of 8.1% and consensus forecasts of 8-9% GDP growth in 2021. ...
