China sets economic growth target of ‘around 5 percent’ for 2023

China on Sunday set an economic growth target of “about 5 percent” for 2023, the lowest in decades, as its annual National People’s Congress opened in Beijing.

The target was announced in a work report delivered by outgoing premier Li Keqiang during the opening of the rubber-stamp parliament in the capital’s Great Hall of the People.

The figure was slightly below the average of forecasts of economists polled by AFP, who predicted a target of around 5.3 percent.

Addressing the thousands of gathered delegates, Li would say China would aim to add “about 12 million new urban jobs” this year and bring the urban unemployment rate down to about 5.5 percent as he began speaking.

It also targets an increase in the consumer price index of around three per cent.

China registered growth of just three per cent last year, missing its declared target of around 5.5 per cent by a wide margin as the economy strained under the effects of strict Covid control policies and a real estate crisis.

Read more: Ukraine makes headway in Bakhmut amid fierce Russian attacks: update

But the work report is bullish on the slowdown, saying that “under the strong leadership of the Party Central Committee, we carried out the Covid-19 response and carried forward economic and social development in an effective and well-coordinated manner”.

It added, “After overcoming great difficulties and challenges, we were able to maintain an overall stable economic performance.”

“Achievements like these are testimony to the tremendous resilience of China’s economy.”

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button