The Wall Street Journal (gated) with the report.
The Politburo of the Communist Party of China is the main decision-making body in the one-party country:
- Issued a statement at its quarterly economic meeting on Thursday
- almost acknowledged that the country would miss its annual growth target this year
- signaled they would stay the course on zero-tolerance Covid prevention measures
- would only take cautious steps to support the ailing real estate market
- would aim to keep the economy in “a reasonable range” in the second half
The Journal claims that executives abandoned the growth target given the statement:
- urged the strongest provinces to strive to meet their annual growth targets – an implicit acknowledgment that others would miss their benchmarks
The target is around 5.5%. Analysts outside of China (and therefore not facing the threat of harsh CCP action if they question the leaders) do not expect China to meet its official target. The Politburo’s (eventual) acceptance of reality could free some analysts in China to publicly issue revised forecasts.