China Seeks High-Quality Growth Through Tech and Industry

Top Chinese officials met to discuss boosting the economy through technological innovation and industrial development. They aim for "high-quality growth" rather than rapid expansion.

Guangdong province, China's largest regional economy, is targeting 5% GDP growth in 2023, up from 4.8% last year. It pledged over $138 billion for tech and manufacturing projects.

Other major provinces like Shandong, Anhui, and Liaoning held similar meetings to improve business environments and promote private sector growth.

The meetings aim to stabilize China's economy after its bumpy recovery from zero-COVID and address concerns like job losses, property crisis, and deflation.

China is estimated to target around 5% GDP growth this year, which will be harder to achieve amid decelerating growth.