SINGAPORE: The removal of a GDP growth target for China is sensible, given the current circumstances, as setting a lower, more feasible target may have sent negative signals to global markets.
For example, in the last few years, China's leaders have repeatedly stressed “growth with Chinese characteristics,” which has tried to shift the narrative away from headline growth towards other societal initiatives such as environmental concerns, upscaling of jobs, creation of a vibrant technology sector and better standards of living.
However, the structural element is even more interesting, where traditional growth drivers have weakened. Finally, there is little room for any pronounced uplift through financial deepening given overall debt levels are fairly high. Service sector growth is less capital intensive but generates higher employment per unit of output than industrial.
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