China Should Aim For 5.5% Average Growth Over Next Five Years

China should aim for an average annual growth rate of 5.5% in the next five years, with consumption, real estate, and the platform economy cited as three areas affecting growth, according to a blog post by China Finance 40 Forum citing Yang Weimin, deputy director of Committee for Economic Affairs of the National Committee of the Chinese People’s Political Consultative Conference. China’s demand stimulus should focus more on boosting consumer spending than expanding investment, with more tax and fee cuts, and financial policies to benefit residents. A new comprehensive and long-term real estate policy should quickly be formulated with multi-department coordination following the recent financial support to the sector. China should also accelerate the introduction of specific measures to support the development of the platform economy to stabilise expectations, said Yang.