China is moving away from its usual quarter century of decline.
It is estimated that if the GDP growth rate fails to meet the target, the fear of losing credibility with the Chinese economy globally has prompted the Communist Party and the administration to make a new decision.
This is the first time since China made the GDP growth target a part of the economy in 1994.
The move also demonstrates the leadership’s contraction to deal with the extraordinary situation that China has been holding back for four decades. At the same time, analysts view the move as a symbol of the total weakness of a global bloc that relies on China as a catalyst for economic growth.
China posted a 6.1 per cent growth in gross domestic product last year. This was the fastest gain in nearly three decades, at between 6.0% and 6.5%.