China's GDP Target Around 5% and CPI Around 3% This Year (Update)

China has set its gross domestic product (GDP) growth target for this year at "around 5.0%."

According to Reuters, Li Keqiang, Premier of the State Council of China, included this in his work report delivered at the opening ceremony of the National People's Congress (NPC) held at the Great Hall of the People in Beijing on the 5th.

Last year, China’s announced growth target was also "around 5.5%." However, due to the resurgence of COVID-19 and other factors, the actual growth rate was only 3.0%.

Along with this, the consumer price index (CPI) inflation target for this year was set at around 3%.