The government seems content to allow economic growth to soften a little this year while guarding against financial risks continues to remain high on the agenda. The real GDP target was set by Premier Li Keqiang at "around 6.5 percent," unchanged from last year, but he unusually omitted calling for growth to be "higher if possible." Tellingly, the government has also reduced its fiscal deficit target to the equivalent of 2.6 percent of GDP, from three percent in 2017, implying it is content to provide less support to the economy. The government's bottom line for economic growth is likely to be 6.3 percent, which is the minimum average it needs in 2018-20 to ensure it hits a target of doubling real GDP by 2020 over the level in 2010. We are forecasting expansion of 6.4 percent in 2018. 

　　An interesting development was the inclusion by Premier Li of the surveyed unemployment rate, setting a new annual economic target. In the coming years this measure is likely to increase in importance, with the measure of GDP growth slowly becoming less prominent. 

    TOM RAFFERTY is regional manager, China, at The Economist Intelligence Unit (The EIU).