China Targets 5% Economic Growth For 2023

On 4 December 2023

At 1:28 pm

In Finance

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China Targets 5% Economic Growth For 2023

China has set an official economic growth target of “around 5%” for 2023 as it seeks to revive the world’s second-largest economy after a year of slow growth due to the pandemic.

Two statistics for the coming year were released at the opening of the country’s legislative assembly, which draws nearly 3,000 delegates to Beijing over the next eight days.

“China’s economy is undergoing a sustained recovery and shows great potential for growth,” Premier Li Keqiang told delegates as he delivered a government work report at the summit’s opening. . The economy created more than 12 million urban jobs last year, and the unemployment rate in urban areas fell to 5.5 percent, according to the labor report, underscoring China’s resilience and resilience.

China has revealed its annual military budget for 2023, which will rise 7.2 percent to about 1.55 billion yuan ($224 billion) in a budget report released early Sunday.

Like other recent years, this figure is still below double-digit growth. “The military should step up military training and preparation at all levels, develop new military strategies, put more effort into training under combat conditions, and make concerted efforts to strengthen military operations in all areas and areas,” Li’s work report said. .

GDP targets and military spending are among those being watched on the opening day, as this year’s GDP forecast is watched as China emerges from a less than Covid-crushing economic forecast.

The NPC meeting is a major annual political event that takes place simultaneously with the Chinese National Political Consultative Conference, with the event being known as a two-party one. these are the first two meetings since Chinese leader Xi Jinping took third place in leadership of the Chinese Communist Party in October.