China has set its gross domestic product (GDP) growth target for this year at around 5.0%, the same as last year.
Major foreign media reported that Li Chang, Premier of the State Council of China, included this in the government work report to be announced at the opening ceremony of the National People's Congress (NPC) held at the Great Hall of the People in Beijing. This aligns with previous market expectations but is slightly lower than the forecast of 5.3% by the Chinese Academy of Social Sciences, a leading Chinese think tank.
China's growth target for this year is the same as last year for the second consecutive year and is the lowest in history except for 1991 (4.5%). China set a growth target of around 5.0% last year, the first year of the 'With Corona' policy, and the actual growth rate recorded was 5.2%.
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