Insight #1 – Key policy targets announced during China’s National People’s Congress A few different reports were released at the National Congress: Li Keqiang’s government work report, one from NDRC and the 14th five-year plan for 2021-2025. A major difference vs prior plans is that it does not contain a five-year economic growth target. It did give a target for 2021, however, of 6%. This suggests that the growth in bank lending might decelerate in the second half of this year. Another target is to keep manufacturing as a percentage of the economy stable until 2025. The new trade agreements RCEP and CAI are meant to achieve that objective. Further, the government wants to increase R&D spending by 7% per year through tax deductions and heavy state investment. The government wants another
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