China sets economic growth target of ‘around 5%’ for 2023, lowest in decades

Outgoing Premier Li Keqiang set this year’s official growth target at ‘around 5%’ as the economy strained under the impact of strict COVID-19 containment policies

China on Sunday set an economic growth target of “around 5%” for 2023, one of the lowest in decades, as its annual National People’s Congress opened in Beijing.

The target was announced in a work report delivered by outgoing Premier Li Keqiang as the rubber-stamp parliament opened at the capital’s Great Hall of the People.

The figure was slightly lower than the average of forecasts of economists surveyed by AFP, who predicted a goal of around 5.3%.

Also read: China’s economy grows 3% in 2022, hit by lockdowns, Covid surge

Mr. Li said China would aim to add “around 12 million new urban jobs” this year and bring the urban unemployment rate to around 5.5%.

He said Beijing would also target a rise in the consumer price index of around three percent.

“China’s economy is staging a steady recovery and demonstrating vast potential and momentum for further growth,” said Mr. Li in an hour-long speech punctuated by ripples of applause from thousands of delegates.