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China sets 5pc GDP growth for 2023 after Covid
来源：shippingazette 编辑：编辑部 发布：2023/03/06 14:28:05
CHINA has set a modest gross domestic product growth target for 2023 at around 5 per cent after missing its goal last year due to the economic fallout from its now-ended zero-Covid policy.
The target figure, which is slightly down from approximately 5.5 per cent in 2022, was unveiled by Premier Li Keqiang when he delivered the annual government report to the National People's Congress (NPC) two days ago.
Last year, the world's second-biggest economy registered just a 3.0 per cent expansion from the 2021 figure.
It was one of the slowest paces of growth in several decades, caused in large part by stringent antivirus measures involving quarantines and lockdowns, reports Japan's Kyodo News.
"We are giving priority to ensuring stable growth, employment, and prices, to realize a steady economic recovery," Mr Li said, presenting his final last report as premier. He is stepping down after a decade in the position.
Apart from the 5 per cent GDP growth target, Mr Li in his report, stated that the nation is also aiming for a consumer price index increase of about 3 per cent and the creation of 12 million urban jobs, the HK's SCMP reports.
"This year, it is essential to prioritize economic stability and pursue progress while ensuring stability," the outgoing premier said is his policy address to nearly 3,000 delegates at the Great Hall of the People in Beijing.
He pointed to the importance of expanding domestic demand, saying, "We should give priority to the recovery and expansion of consumption."
China's GDP growth target for 2023 compares with a 5.2 per cent expansion projected by the International Monetary Fund in its update of the World Economic Outlook report released in late January, citing the lifting of pandemic restrictions.
The IMF said a deepening slump in China's real estate market is a major source of vulnerability, in addition to weakening business dynamism and slow progress on structural reforms.
Under the budget, China will increase its military spending in 2023 to CNY1.55 trillion (US$224 billion), a 7.2 per cent rise from last year. The rate of growth is slightly faster than the 7.1 per cent year-on-year rise in 2022 and marked the eighth consecutive year in which the increase was less than 10 per cent.
The target figure, which is slightly down from approximately 5.5 per cent in 2022, was unveiled by Premier Li Keqiang when he delivered the annual government report to the National People's Congress (NPC) two days ago.
Last year, the world's second-biggest economy registered just a 3.0 per cent expansion from the 2021 figure.
It was one of the slowest paces of growth in several decades, caused in large part by stringent antivirus measures involving quarantines and lockdowns, reports Japan's Kyodo News.
"We are giving priority to ensuring stable growth, employment, and prices, to realize a steady economic recovery," Mr Li said, presenting his final last report as premier. He is stepping down after a decade in the position.
Apart from the 5 per cent GDP growth target, Mr Li in his report, stated that the nation is also aiming for a consumer price index increase of about 3 per cent and the creation of 12 million urban jobs, the HK's SCMP reports.
"This year, it is essential to prioritize economic stability and pursue progress while ensuring stability," the outgoing premier said is his policy address to nearly 3,000 delegates at the Great Hall of the People in Beijing.
He pointed to the importance of expanding domestic demand, saying, "We should give priority to the recovery and expansion of consumption."
China's GDP growth target for 2023 compares with a 5.2 per cent expansion projected by the International Monetary Fund in its update of the World Economic Outlook report released in late January, citing the lifting of pandemic restrictions.
The IMF said a deepening slump in China's real estate market is a major source of vulnerability, in addition to weakening business dynamism and slow progress on structural reforms.
Under the budget, China will increase its military spending in 2023 to CNY1.55 trillion (US$224 billion), a 7.2 per cent rise from last year. The rate of growth is slightly faster than the 7.1 per cent year-on-year rise in 2022 and marked the eighth consecutive year in which the increase was less than 10 per cent.