Chinese Prime Minister Li Keqiang announced last Saturday that the Asian giant’s growth target for this year will be around 5.5%, its lowest target for more than 30 years (since 1991).
The new estimates from China, according to Li, are due to a “serious and uncertain” outlook in the context of the coronavirus, the real estate crash and the war in Ukraine.
In this sense, the official, during his presentation before the National People’s Congress, emphasized that the world’s second largest economy “will encounter more risks and challenges” and that “we have to continue to overcome them.”
The objective is based on maintaining stable employment, covering basic needs and “protecting oneself from risk,” he added in his speech.
slowdown in growth
In recent years, China’s Gross Domestic Product (GDP) has not exceeded 10% per year. In 2021, its initial minimum objective was 6% growth, a goal that it exceeded by a little more than 2% and reached 8.1%.
According to AFP, among the factors that slowed the growth of the Chinese economy in the last year are “Beijing’s push to curb excessive indebtedness and rampant consumer speculation”, in addition to the outbreaks of the COVID-19 which forced the Government to take containment measures in several cities.
Source: Larepublica
Kingston is an accomplished author and journalist, known for his in-depth and engaging writing on sports. He currently works as a writer at 247 News Agency, where he has established himself as a respected voice in the sports industry.
