Informed sources: He Lifeng is drafting a plan to achieve economic growth of more than 5% next year
The Wall Street Journal quoted people familiar with the matter as saying that He Lifeng, director of China's National Development and Reform Commission, is presiding over the drafting of a plan for China to achieve economic growth of more than 5% next year.The
report quoted these people as saying that at an internal meeting shortly after the 20th CPC National Congress, He Lifeng called for policies to ease coronary disease prevention and control measures, boost the real estate industry and re-inspire the confidence of entrepreneurs. He Lifeng was elected to the Politburo at the 20th CPC National Congress in October.
Since then, some of these measures involving coronary disease and the real estate industry have been implemented, which, while triggering the current wave of coronary disease infections in China, has also slowed the recent decline in house prices.
Separately, government officials have begun to re-examine policies on the technology and education and training industries in recent weeks, and are preparing to end a long-running investigation of Internet companies. Technology and education and training are the hardest-hit industries in the recent regulatory overhaul. One consideration is preparing to put the mobile app of ride-hailing company Didi back on the shelves of domestic app stores, according to people familiar with the matter.
According to reports, setting the official target for gross domestic product (GDP) growth above 5% next year is a more ambitious target, given the many uncertainties brought about by China's withdrawal from dynamic anti-epidemic policies and the blow to housing market sentiment; such a strong growth target shows that China's top leaders are increasingly concerned that a prolonged and severe economic downturn could undermine an important pillar that underpins the foundations of the CCP's legitimate rule.
He Lifeng is expected to succeed Liu He, 70, as Vice Premier of the State Council, playing the role of "economic trader". He Lifeng graduated from the Department of Finance and Finance of Xiamen University with a doctorate in economics. When Chinese President Xi Jinping was the deputy mayor of Xiamen from 1985 to 1988, he worked with him successively as a cadre, deputy director of the municipal government office, deputy director of the Municipal Finance Bureau, and director.