In Chinese numerology, the number eight, which is pronounced similarly to the word for “fortune”, is the most auspicious of digits.
So too with Chinese economic policymaking: the number has taken on an almost mystical significance for much of the past decade, with the government’s official target for annual gross domestic product growth set at 8 per cent every year from 2005 until 2011.
When it comes to economic targets, the government likes to under promise and over deliver and in reality GDP growth averaged 11 per cent a year over that time, with a peak of 13 per cent in 2007.
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