ALBAWABA – China's economic growth is expected to hit the five percent growth rate target for 2023 set in the beginning of the year, said Chinese Premier Li Qiang said Tuesday.
"For the whole year, we are expected to achieve the target of about five percent economic growth set at the beginning of this year," Li said, as reported by Agence France-Presse (AFP).
He made his remarks as he opened a World Economic Forum meeting in northern China.
"Recently, some international organisations and institutions have also raised their forecasts for China's economic growth this year, showing their confidence in China's development prospects," Li added.
China is grappling with a slowing post-Covid recovery, with a number of indicators signalling the market is running out of steam in recent weeks.
The central bank last week cut two key interest rates in an attempt to counter the slowdown in the world's second-largest economy.
Reports in June have suggested Beijing is lining up a tranche of measures targeting multiple areas of the economy, according to AFP.
Significant measures are said to target the real estate sector, which makes up a huge portion of the country’s gross domestic product.
Beijing’s five percent growth target was set in March, and is one of the lowest rates in decades, and Premier Li at the time admitted the target would be "no easy task".
