BEIJING: The Chinese government on Sunday (Mar 5) 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 about 5 per cent, 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 about 5.5 per cent.
The Chinese economy expanded 3 per cent 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 3.0 per cent of gross domestic product has been set, according to the report, widening from a deficit goal of about 2.8 per cent last year.
In the report, China has set a 2023 target of about 3 per cent for its Consumer Price Index (CPI), unchanged from its 2022 target. The CPI rose 2 per cent last year.
Source: CNA
