Comments from Vice Chair of the National Development and Reform Commission of the People's Republic of China (NDRC) after the country's growth target was set at around 5% over the weekend.

This was seen as a little disappointing. Analyst consensus was a touch higher around 5.5%. The more modest target reduces the need for economic stimulus at the margin.

China's mainland stock markets are down a little on the session. The move will not extend into a rout while the National Congress is underway.

Remarks via Reuters headlines:

  • China's economy steadily improving
  • Will further release potential for consumption
  • Will prudently tackle risks related to real estate, finance and local gov debt
  • Confident and capable of reaching this year's CPI target

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The National Development and Reform Commission (NDRC) is a powerful economic planning agency in China, responsible for

  • drafting and implementing China's economic and social development plans
  • regulating market competition
  • ensuring stable economic growth
  • approving major investment projects, both domestic and foreign
  • regulating the entry and exit of foreign businesses into China

It oversees industries such as energy, transportation, telecommunications, and agriculture

china ndrc