BEIJING: China announced one of its lowest economic growth targets in years on Sunday (Mar 5), as the National People's Congress (NPC) kicked off its annual parliamentary session.
In an opening report, the Chinese government said it would aim for economic growth of "around 5 per cent" for the coming year - one of its lowest in decades.
China posted just 3 per cent growth last year, missing its stated target of around 5.5 per cent by a wide margin as the economy strained under the impact of strict COVID-19 containment policies and a real estate crisis.
This year's target around 5 per cent was at the low end of expectations, as policy sources had recently told Reuters a range as high as 6 per cent could be set.
"Under the strong leadership of the Party Central Committee, we carried out COVID-19 response and pursued economic and social development in an effective and well-coordinated way," said the government report, delivered by outgoing Premier Li Keqiang.
"Overcoming great difficulties and challenges, we succeeded in maintaining overall stable economic performance," it added.
Li set a government budget deficit target at 3 per cent of GDP, according to the report, widening from a goal of around 2.8 per cent last year. Li also said it was essential to prioritise economic stability, setting a goal to create about 12 million urban jobs this year, up from last year's target of at least 11 million.
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2023-03-05 02:20:40Z
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