Premier Li Keqiang announced China’s growth target at the start of the country’s annual legislative session Sunday. China said it would target 5% economic growth this year, its lowest such aim in decades, reflecting both the challenges it faces and the changing priorities of its leadership. [China Sets Conservative Growth Target as Challenges Loom - wsj.com]
China unveiled its lowest growth target in more than a quarter-century as Beijing faces challenges in the domestic and global economy following its emergence from three years of strict Covid-19 measures.
Beijing is grappling with weak business and consumer confidence, low growth overseas that equates to reduced demand for its exports, and a heavy local-government debt load, as well as sanctions imposed by Washington. It is also shifting away from a relentless focus on economic expansion, with Chinese leader Xi Jinping eyeing a consolidation of power at home, and increased strength abroad: Defense and diplomatic spending will far outpace general public expenditure.
