Note: The following article is taken from the Chinese-language opinion column "The Real Point".

China's decision to ditch a growth target for this year and focus instead on meeting goals in fields such as poverty eradication, job creation and inflation control reflects the government's consistency in people-centered governance, against the backdrop of increased global economic uncertainties.

Priorities have been given to stabilizing employment and ensuring living standards. Specific targets include the creation of over nine million new jobs, the elimination of poverty among all rural residents living below the current poverty line and in all poor counties, and a 3.5-percent rise in its consumer price index this year.

To counter the negative impact already caused by the coronavirus pandemic and its future effects on the Chinese economy, the government plans to increase the fiscal deficit from last year by one trillion yuan (US$143 billion) for a deficit-to-GDP ratio of more than 3.6 percent. This sends a signal that more measures will be introduced to cut taxes, fees and business rents, as well as boost consumption and investment in the coming months.

Additionally, preferential policies will be introduced to boost foreign trade and investment. Further reforms and development of social programs will also be carried out to safeguard and improve livelihoods.

China's development plan, coming in a year when the world economy is expected to experience the worst recession since the Great Depression, is a result of observing the laws of economics.

As Abdur Rehman Shah, a research associate at the Islamabad-based Centre for Research and Security Studies, says that the Chinese economy will temporarily slow down due to the pandemic. He adds that it will rebound given the well-designed long-term plans introduced by the Chinese government.