China paints a target on Hong Kong, but abandons one for growth

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China paints a target on Hong Kong, but abandons one for growth
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As China's National People’s Congress convened, a proposed law from Beijing was enraging pro-democracy activists in Hong Kong

JUST AS THE sun rises in the east and people need water to survive, so has China’s rubber-stamp parliament, the National People’s Congress, convened its plenary session every March and opened the session with a lengthy—nay, soporific—“work report” from the prime minister. This year is different for two reasons. First is the coronavirus pandemic, which had delayed the NPC itself by nearly three months.

The move is unprecedented but not completely unexpected. Article 23 of China’s mini-constitution for Hong Kong, the Basic Law, requires the local government to enact such a law. But a previous attempt, in 2003, was shelved after huge protests.

The government normally uses a GDP target to broadcast its intentions for the economy. The target has, for years, also given central leaders a way to manage local officials in far-flung places—a simple criterion by which to judge their performance. So the government remained wedded to the practice of GDP targeting even as many economists criticised it for causing distorted incentives.

In any event, it is not as if China has forsaken the pursuit of fast growth. In his annual work report to the parliament, Mr Li laid out other targets that augur well for the economy. He said the government would aim for a fiscal deficit of 3.6% of GDP, the highest on record and above last year’s 2.8% deficit. With plans for the central and provincial governments to issue an additional 4.

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