For more than a decade, Chinese growth of at least 8 per cent a year has been the overriding imperative for policy makers in Beijing.
The prospect of it falling lower filled them with dread because it was believed to be the level below which mass unemployment would spark uncontrollable social unrest and even the possible overthrow of the Communist party.
Particularly in the midst of the financial crisis, when Beijing launched a massive stimulus programme to revive its plummeting economy, the mantra among Chinese officials of all ranks was “bao ba” or “ensure 8 [per cent growth].”
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