China aims to expand its gross domestic product (GDP) by over six percent in 2021, TASS news agency reports citing a report published on Friday at the 4th session of the 13th National People's Congress.
Due to the negative impact of COVID-19 pandemic, China's economic growth rates in 2020 turned out to be the lowest in more than 40 years, amounting to 2.3%, according to the report. The volume of GDP exceeded 101.59 trillion yuan (about $15.66 trillion).
China's state budget deficit will amount to about 3.2% of the country's GDP in 2021.
The dynamics of the development of the Chinese economy is gradually slowing down. In 2017, it was 6.8%, and in 2018 and 2019 - 6.6% and 6%, respectively.
China’s economy is widely expected by analysts to grow by more than 8% this year. The International Monetary Fund forecast in January that China’s economy would grow by 8.1% in 2021.