China sets economic growth at modest 5% in 2023

Published March 5th, 2023 - 06:53 GMT
China's rubber-stamp legislature
A general view of the opening session of the National People's Congress (NPC) at the Great Hall of the People in Beijing on March 5, 2023. (Photo by NOEL CELIS / AFP)
China sets economic growth at modest 5% this year

ALBAWABA - China has set an official economic growth target of  5 percent this year, underscoring its desire to revive the world's second economy after a slowdown caused by lockdowns under the COVID-19 pandemic.

Beijing also plans to expand its defense budget 7.2 percent this year, according to CNN.

CNN said both figures were released at the opening of the annual eight-day gathering of the legislature, known as the National People’s Congress (NPC).

“China’s economy is staging a steady recovery and demonstrating vast potential and momentum for further growth,” outgoing Premier Li Keqiang told delegates while delivering a government work report at the opening of the congress on Sunday, according to CNN.

Bloomberg tweeted that the modest growth rate was the "lowest in history" and signaled that regulatory crackdowns may continue.

In a draft budget report also released Sunday, China unveiled its annual military budget for 2023, which showed that it will increase 7.2 percent to nearly 1.55 trillion yuan ($224 billion).


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