China has set its GDP growth target at around 5 percent for this year. The target was revealed in the government work report delivered by Premier Li Keqiang at the opening meeting of the First Session of the 14th National People’s Congress (NPC), China’s highest state organ of power, in Beijing on March 5.
The growth target of around 5 percent “is necessary to ensure stable growth, employment and prices,” according to a report on the implementation of the 2022 plan and the draft of the 2023 plan for national economic and social development, submitted by the National Development and Reform Commission (NDRC), the country’s top economic planner, on March 5.
“It will be a positive signal to the market and will bolster confidence, guide expectations, expand employment, improve living standards, and prevent and defuse risks while pursuing development,” the NDRC report said.
This year’s GDP target is also consistent with the growth potential of the Chinese economy at present and with the capability of resources and production factors to support
