China claims its annual GDP goal is more ‘guidance’ than target as it appears set to fall short

Country’s full-year GDP growth is expected to reach around 4%, falling well short of 5.5% target

Conspicuous non-consumption: A shopper walks inside a nearly empty Beijing shopping mall (AFP via Getty)

China’s economic growth target of 5.5 per cent should be treated as “guidance” and not a hard target, the country’s leaders reportedly told government officials last week as Beijing appeared set to miss the goal by a large margin.

In the meeting with ministerial and provincial-level officials, the leaders said they would not be penalised for failing to achieve the target, nor would it be used as a basis to evaluate their performance, reported Bloomberg, citing sources.

They also allegedly acknowledged that China was unlikely to meet the target.