China Sets Modest 2023 Growth Target Amid Economic Headwinds

• China sets 5% GDP growth target for 2023 amid housing market slide and spending weakness • Reforms aimed at boosting employment, incomes, and preventing economic risks • Economy faces challenges including slowing global growth and weak domestic demand • Property development investment dropped nearly 8% in first half of 2022 • China looking to increase exports to generate growth, risks flooding foreign markets