China sets GDP growth target at around 5% for 2023, reflecting confidence in economic recovery
Global TimesMar 06, 2023
The Facts
Chinese Premier Li Keqiang has announced a rise in the nation's military spending by 7.2% and an official GDP growth target of about 5% for 2023. The news opened the Chinese Communist Party-led parliament's annual meeting on Sunday.
"China's economy is staging a steady recovery and demonstrating vast potential and momentum for further growth," the outgoing leader said. The gathering of the National People's Congress — which has drawn almost 3K delegates to China's capital Beijing — will take place until the end of the week.
The Spin
Anti-China narrative
China has shown its hand with a modest growth target, revealing that leaders are aiming to avoid missing their economic goal for a second year running — even if it means less of an overall boost to a flagging global economy. Beijing is making a slow recovery following the politics of COVID.
Nerd narrative
There is a 50% chance that China's GDP will be at least 16.1 (trillion constant 2015 international dollars) in 2023, according to the Metaculus prediction community.