China Faces Economic Headwinds in Pursuit of 5% GDP Target
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China aims to achieve 5% GDP growth target this year despite economic headwinds like struggling property market, rising debt, weak consumer demand.
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Policymakers focused on transitioning to high-quality, sustainable growth model rather than pursuing high growth rate.
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Some economists predict China's growth will be less than 5% in 2023 and 2024 due to challenges in property market, a former pillar of growth.
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Weaker than expected Chinese growth would dampen global economic recovery reliant on China's expansion.
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IMF projections on China's growth have fluctuated; poorer performance than expected would undermine global post-Covid rebound.