According to three sources with knowledge of the outcome of China’s annual closed-door Central Economic Work Conference, said that Beijing plans to set a lower economic growth target of around 6% in 2020 from this year’s 6-6.5%, Reuters reports.
A source noted: “We aim to keep next year’s growth within a reasonable range, or around 6%.”
Economic growth of nearly 6% next year could be enough to meet that goal given the economy is expected to expand about 6.2% this year, the policy insiders said.
The reports of China bumping up efforts to boost growth could offer a fresh lift to the domestic stocks as well as the Chinese yuan. However, the main market drivers would remain the risk-on flows induced by the trade deal optimism.