March 5, 2023

China set its GDP growth target at about 5 percent for 2023, reflecting the country’s confidence in a nationwide economic recovery after claiming a decisive victory against the COVID-19 epidemic, while also balancing against global economic volatility and geopolitical uncertainty. 

The growth target means China will once again become one of the world’s fastest-growing major economies, as the global economy is widely expected to slow down sharply this year and major economies such as the US and the eurozone are grappling with risks of recession.

The growth target is significantly higher than China’s GDP growth rate of 3 percent in 2022 amid severe impact from the epidemic and major disruptions in global supply chains. The target is also in line with forecasts by many international institutions. In previous interviews conducted with economists, most of them forecast that the government will set this year’s GDP growth target at around 5 percent. 

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https://www.globaltimes.cn/page/202303/1286641.shtml