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China sets slightly lower annual GDP growth target: Government report
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People walk past restaurants in a shopping area in Beijing on Feb. 3, 2023. (Reuters/Tingshu Wang)
T
he Chinese government on Sunday set a slightly lower annual economic growth target compared with last year's goal, as the world's second-biggest economy began to emerge from three years of severe COVID-19 restrictions.
China has set its 2023 growth target for its economy at around 5 percent, according to a government work report released at the opening of the country's annual meeting of parliament on Sunday. That compares with its 2022 target of around 5.5 percent.
The Chinese economy expanded 3 percent last year, significantly missing the 2022 target and marking one of the slowest rates of growth in almost half a century.
A 2023 government budget deficit target of 3 percent of gross domestic product has been set, according to the report, widening from a deficit goal of around 2.8 percent last year.
In the report, China has set a 2023 target of around 3 percent for its Consumer Price Index (CPI), unchanged from its 2022 target. The CPI rose 2 percent last year.
