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.
China said its economy would grow around 5 percent this year, vowing a recovery after reversing Covid controls that stifled growth. https://t.co/Mc360M53a2
— The New York Times (@nytimes) March 5, 2023
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.
Global asset managers may be disappointed with China's economic outlook, writes @shuli_ren https://t.co/vCktDqU5uy via @opinion
— Bloomberg (@business) March 5, 2023
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).
China has announced a 7.2% increase in its defense budget for the coming year, just one tenth of a percent higher than in 2022. The 2023 figure was given as 1.55 trillion yuan ($224 billion). https://t.co/WFnkgfrsHP
— The Associated Press (@AP) March 5, 2023
