The National People’s Congress – the stage on which China's government sets out its economic plans – starts on Friday. We expect the budget to confirm the withdrawal of post-COVID fiscal support. It’s unclear whether a GDP growth target will be announced for 2021 – it wouldn’t affect this year’s outlook if one were announced, but it would signal that the government feels unable to abandon a target-focused approach that has many unwelcome consequences. The NPC will also be presented with a draft of the new Five-Year Plan.
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