Vice Chair of China’s state planner says China’s economy is steadily improving | Forexlive

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

• it sets prices for key commodities such as electricity, natural gas, and water