Posted 3/5/2024, 2:42:00 AM
China Sets Modest 2023 Growth Target Amid Challenges
- China sets modest 5% GDP growth target for 2023, in line with last year's target, amid regional tensions, demographic crisis, and structural economic issues
- Growth slowed to estimated 1.5% in 2022; achieving 5% target in 2023 could be ambitious given challenges
- Premier Li Qiang cites global economy, regional tensions, low domestic consumer demand, and aging population as hurdles
- Other targets create 12 million new urban jobs and increase consumer prices by 3%
- Breaking precedent, Premier Li will not take press questions at annual Two Sessions parliamentary meetings