China dodged a recession last year. Now it needs to pick up the pace

Premier Li Keqiang on Friday announced that China would target growth of more than 6% in the world’s second largest economy. While China emerged from the global downturn caused by the coronavirus pandemic on surer footing than any other major economy, it still only grew 2.3% in 2020. The new target is more than what China needs to accomplish to get back on track with President Xi Jinping’s long-term goal for the economy. To reach Xi’s plans to double GDP by 2035, China would need to grow a bit less than 5% this year, with similar growth through the next decade or so.

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