China has set its GDP growth target at around 5 percent for this year. The growth target was revealed in the government work report delivered by Premier Li Qiang at the opening meeting of the Second Session of the 14th National People’s Congress (NPC), China’s top legislature, in Beijing on March 5.
The report reviewed the country’s achievements over the past year and outlined its future direction.
The projected GDP growth goal is consistent with last year’s growth target. The Chinese economy showed strength and resilience in 2023, recording a year-on-year growth of 5.2 percent. GDP matters because it gauges the size and health of an economy within a given period of time.
This 5-percent growth rate is in line with the goals of the country’s 14th Five-Year Plan (2021-25) and its aspiration to achieve modernization. Five-year plans serve as China’s policy blueprints for medium-term social and economic development, with the 14th such plan covering the period from 2021 to 2025. Focused on high-quality economic development, the country’s vision for national modernization intends to create tangible improvement in people’s lives.
The growth rate also considers the
