China rebounds with economic growth target above 6%

China rebounds with economic growth target above 6%

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China is aiming for an economic growth rate above 6% in 2021, after scrapping its target last year.

China's Premier Li Keqiang announced the target on Friday at the opening of this year's National People's Congress.

The target marks a return to strong growth after the Covid-19 pandemic impacted the world's second largest economy.

Although China's economy grew last year, it only managed 2.3% growth, its weakest result in decades.

The new target highlights the Chinese economy's strong rebound after the pandemic shutdowns led to a sharp 6.8% contraction in the first quarter of 2020.

The economy grew in the second half of 2020, and China was the only major global economy to post gains for the year, although they were slender compared to previous years.

Now the government hopes to continue that rebound.

"A target of over 6% will enable all of us to devote full energy to promoting reform, innovation, and high-quality development," Premier Li Keqiang said.

"In setting this target, we have taken into account the recovery of economic activity."

By some measures the target appears modest, falling well below the International Monetary Fund's estimate of 8.1% growth for China's economy this year.

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