China’s cautious growth target limits help to world economy

By Bloomberg News

06 Mar 2023 · 5 min read

Editor's Note

China's decision to set conservative economic goals for 2023 could restore Beijing's credibility, Bloomberg claims. Last year the country fell well short of its GDP target for the first time ever.

China set a modest economic growth target of around 5% for the year, with the nation's top leaders avoiding any large stimulus to spur a consumer-driven recovery already underway, suggesting less of a growth boost to an ailing world economy.

Premier Li Keqiang announced the goal for gross domestic product in his final report to the Communist Party-controlled parliament, which kicked off its annual meeting on Sunday. Economists had expected a more ambitious target of above 5% following a rebound in consumer spending and industrial output after the end of coronavirus restrictions.

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