The objective is in line with what was expected by analysts and follows what was established in 2022, of between 5% and 5.5% growth, although China finally only increased by 3% after the harsh restrictions and confinements due to its policy ‘Zero COVID’.
China an economic growth target of “around 5%” was set for this yearaccording to the government action report read by outgoing Premier Li Keqiang at the opening of the annual session of the National People’s Assembly (ANP, Legislative).
The objective is in line with what was expected by analysts and follows what was established in 2022, of between 5% and 5.5%, although in the end the second world economy grew by 3% after the harsh restrictions and confinements that it imposed in the framework of its ‘Zero COVID’ policy in the face of the worst waves of infections since the start of the pandemic.
“This year, it is essential to prioritize economic stability and seek growth while ensuring stability,” urged Li, who recalled that “the foundations of stable growth (still) need to be consolidated.”
The prime minister specifically referred to problems such as “insufficient demand”, the “unstable” expectations of investors and private businesses, the “budgetary imbalances” of some local administrations or the “many hidden risks and dangers” in the battered real estate market.
During the opening of the most important political event of the year in the Asian country, Li also reviewed other economic objectives as a fiscal deficit target of 3%, which represents an increase compared to the target of 2.8% set in 2022.
Other indicators to which the prime minister referred were the consumer price index (CPI), whose rise the authorities seek to limit to about 3%, or the creation of some 12 million jobs in the areas urban areas to keep the official unemployment rate in those areas below 5.5%.
With information from EFE.
Source: Larepublica
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