Sunday's announcement reflects confidence in the economic recovery of Beijing. China is set to return to its place as one of the fastest-growing major economies globally, despite the downturn expected across the rest of the world.
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.
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.