China sets GDP growth target at around 5% for 2023, reflecting confidence in economic recovery
Global TimesMar 06, 2023
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.
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.