London Daily

Focus on the big picture.
Wednesday, Jul 02, 2025

China lowers economic growth targets to 5% for 2023  

China lowers economic growth targets to 5% for 2023  

China set one of the lowest economic growth targets in decades of 5 percent for the year 2023, Premier Li Keqiang announced during China’s annual National People's Congress in Beijing.
This is lower than the average forecasts set by economists surveyed by Agence France-Presse who predicted at least 5.5 percent growth.

China set an economic growth target of around 5.5 percent for the last year but missed its targets with around 2.8 percent deficit.

This comes as the nation’s top leaders are trying to avoid large stimulus to boost recovery in a post-pandemic market that is weighed down by weak business confidence and uncertainty in the property market.

“Because the COVID policy has been adjusted, there’s no urgency for them (China) to run another round of big economic stimulus,” Zhang Zhiwei, chief economist at Pinpoint Asset Management Ltd, said.

“Indeed, given the very low base of economic activities last year, it is unlikely to see growth drop below 5 percent,” Zhiwei added.

Keqiang said that Beijing would target a rise in its consumer price index of around 3 percent and warns of uncertainties in external factors.

“China’s economy is staging a steady recovery and demonstrating vast potential and momentum for further growth,” said Keqiang during the congress.

The government has targeted adding 12 million new urban employment jobs for this year, up from last year's 11 million target.

Keqiang added that Beijing should give priority to recovery and expansion of consumption in addition to promoting employment of youth and college graduates.

The country will also boost its defense spending by 7.2 percent this year as well as aim for peaceful reunification with Taiwan.

Keqiang said that boosting domestic demand would be the government’s top priority this year, while imports and exports would steadily increase.

“China’s economy is staging a steady recovery and demonstrating vast potential and momentum for further growth. Under the strong leadership of the Party Central Committee, we carried out the Covid-19 response and pursued economic and social development in an effective and well-coordinated way,” Keqiang added.
Newsletter

Related Articles

0:00
0:00
Close
Poland Implements Border Checks Amid Growing Migration Tensions
Political Dispute Escalates Between Trump and Musk
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
US Senate Votes to Remove AI Regulation Moratorium from Domestic Policy Bill
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
Jury Deliberations in Diddy Trial Yield Partial Verdict in Serious Criminal Charges
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
King Charles Plans Significant Role for Prince Harry in Coronation
Two Chinese Nationals Arrested for Espionage Activities Against U.S. Navy
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
Trump Administration Considers Withdrawal of Funding for Hospitals Providing Gender Treatment to Minors
Texas Enacts Law Allowing Gold and Silver Transactions
China Unveils Miniature Insect-Like Surveillance Drone
OpenAI Secures Multimillion-Dollar AI Contracts with Pentagon, India, and Grab
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Elon Musk Critiques Senate Budget Proposal Over Job Losses and Strategic Risks
Los Angeles Riots ended with Federal Investigations into Funding
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Education Secretary Announces Overhaul of Complaints System Amid Rising Parental Grievances
Massive Anti-Government Protests Erupt in Belgrade
Trump Ends Trade Talks with Canada Over Digital Services Tax
UK Government Softens Welfare Reform Plans Amid Labour Party Rebellion
Labour Faces Rebellion Over Disability Benefit Reforms Ahead of Key Vote
Jeff Bezos and Lauren Sánchez Host Lavish Wedding in Venice Amid Protests
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
North Korea to Open New Beach Resort to Boost Tourism Economy
UK Labour Party Faces Internal Tensions Over Welfare Reforms
Andrew Cuomo Hints at Potential November Comeback Amid Democratic Primary Results
Curtis Sliwa Champions His Vision for New York City Amid Rising Crime Concerns
Federal Reserve Proposes Changes to Capital Rule Affecting Major Banks
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Trump Escalates Criticism of Media Over Iran Strike Coverage
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
Big Four Accounting Firms Fined in Exam Cheating Scandal
NATO Members Agree to 5% Defense Spending Target by 2035
Australia's Star Casino Secures $195 Million Rescue Package Amid Challenges
UK to Enhance Nuclear Capabilities with Acquisition of F-35A Fighter Jets
Russian Shadow Payments via Cryptocurrency Reach $9 Billion
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
×